Executive summary:
- One of our veteran regional directors shares his thoughts about what makes a great advisor
- He sums up the key attributes using the acronym GRATEFUL
- Many of these attributes also provide substantial value to investors, as detailed in our annual Value of an Advisor study
Has it really been 20 years already?
I have been looking forward to writing this blog for a long time. I joined Russell Investments on July 12, 2004 and now that it is my 20th anniversary, I feel it’s the right moment to share some of what I have learned along the way.
I am so incredibly lucky to work at a firm that encourages their employees to express their opinions. It’s crazy to think about how young and naïve I was when I started here. Since I have been at Russell Investments, I have seen four U.S. presidents elected, the launch of the iPhone, Hurricane Katrina, the Great Financial Crisis and the Covid pandemic.
On the personal side I have become a father during this time and my hairline has drastically changed. My son reminds me regularly that my stadium (bald spot) is getting bigger every day.
One of the best parts of getting older is the wisdom you accumulate. I am extremely grateful for the journey I have been on these past 20 years. As a gift to the new generation of advisors, and as a follow up to the annual update of our Value of Advisor study (VOA), I thought I would share some attributes that I think all great advisors have.
You might be asking: ”Tim, what makes you an expert on the financial advisor business?” Over the past 20 years I have had somewhere around 14,000 discussions with advisors. It could be more except I like taking my vacations! That being said, anyone who knows me knows how many miles I have put on my car and how many shoes I have worn out. They know I how passionate I am about my work. When I think about my career and what makes a great advisor, the first word that comes to my mind is GRATEFUL.
Guidance is the key
Rely on referrals
Activity is always rewarded
Taxes matter
Establish an investment philosophy
Forecasts are unreliable
Understand your clients better than anyone else
Love your job
