When it comes to finding a financial advisor, staying local can make all the difference. Unlike a large national chain or the impersonal nature of online platforms, a local financial advisor provides a level of personalization and service that’s hard to match. In fact, according to the Bureau of Labor Statistics, demand for personal financial advisors is expected to grow at a faster than average rate of 7% through 2028.
By hiring a local financial advisor, you benefit from individualized, insightful, and community-oriented financial planning services that many national firms may not provide. Furthermore, these advisors can better adapt to changes in the financial landscape, driven by their niche expertise, personalized services, and technological innovation.
Independent advisors are more than financial planners — they are also trusted partners who help you understand how to meet your future goals. Let’s take a closer look at a few top reasons to work with a local financial professional and how they can make a significant difference in your finances.
1. A better relationship with your advisors and their staff — a sense of home
Working with a local financial advisor is about more than just face-to-face, in-person meetings; it’s about building a relationship where your advisor understands your financial goals, personal values, and unique circumstances. Over time this relationship fosters trust, allowing your advisor to adjust your portfolio specifically to you. This level of customization can lead to more effective financial strategies and a sense of security knowing your advisor is truly invested in your success.
2. More personalized service and better accessibility to your advisors
According to a 2021 McKinsey report about the power of personalization, 71% of consumers expect companies to deliver personalized interactions. However, most are frustrated when service fails to meet those expectations. The standard of personalized service is especially important in financial management, where clients trust their advisors with their most sensitive and personal information and money.
A local advisor can also guide you through the complex world of investments, helping you choose the right accounts, diversify your portfolio, and manage your risk. They have an edge over advisors with larger firms, as they know your community and can tailor their advice to your specific situation and goals. Moreover, they can keep a close eye on market trends and adjust your investment strategy as needed, providing a level of attentiveness that is difficult to find with larger firms.
3. More comprehensive planning services and more familiarity with your community
For your day-to-day monetary needs, a local advisor can be a great asset. They can offer guidance on budgeting effectively, saving, and reducing debt. By understanding your financial habits and goals, they can recommend banking products and strategies that align with your needs, such as high-yield savings accounts for your emergency fund or effective debt repayment plans.
By contrast, national firms may not be well connected with your local financial institutions, which could mean losing out on opportunities. When collaborating with a local advisor, you’ll stay connected to your community.
Planning for retirement is a long-term journey, and a local advisor can help you every step of the way. From setting up and contributing to retirement accounts like IRAs and 401(k)s to planning withdrawal strategies that maximize your savings, they can provide the expertise you need. Furthermore, they can help you understand and optimize your employment benefits, ensuring you are taking full advantage of options like employer-matched retirement contributions, health insurance and other perks. This comprehensive approach ensures all aspects of your financial life are working together toward your retirement goals.
4. Objective, independent advice vs. advisors who work on commission
One more reason to hire a local financial advisor is that working with a local professional offers unique advantages over many online platforms or national firms. Independent, fee-only firms offer personalized advice that is tailored to your specific needs and aligned with your goals. Unlike many national firms, independent advisors who adhere to the fiduciary standard are committed to acting in their clients’ best interests, providing unbiased guidance at all times.
Blankinship & Foster is an independent, fee-only family wealth management fiduciary serving clients in San Diego and Southern California. We are firmly committed to upholding the highest standards of objectivity and ethics. We believe all clients deserve responsible financial planning and wealth and investment management. To learn more about our fiduciary commitment, watch the video.
Download our retirement guide to explore how our comprehensive and locally connected approach can enhance the financial aspects of your life as you grow your wealth, make transitions, and fulfill your next chapter.