“Don’t work with DIY investors. Find someone who already has an advisor.”
Those words of advice were given to me by a number of colleagues in my prior firm. They said do-it-yourself investors were difficult to work with and asked too many questions. But I’ve learned that’s not necessarily a bad thing.
Just over a year ago I opted to transition my practice from Merrill Lynch and offer my services to clients I hoped to attract: individuals and families who never overcomplicated their investing strategies.
They saved diligently throughout their lives and were now ready to hand the reins over to an experienced professional who understood their wants and needs.
Over the past year, I’ve asked questions of these prospects and clients to identify why they inevitably opted to move forward after having spent the majority of their lives investing on their own.
See the above gallery for what I’ve learned from these conversations.
Steven Kampschmidt, CFP, is founder of Freedom Found Financial. He can be reached at [email protected].