Money is one of the most personal and important aspects of your life, meaning you may feel more comfortable trusting someone you can get to know in-person. But with today’s technology and ongoing need to continue social distancing, now is the perfect time to consider whether working with the advisor closest to your home or work is really a necessity. Given the growing complexity of financial markets, changes to tax and estate rules and other factors, it may be more prudent to prioritize designations and certifications, years of experience and areas of expertise as opposed to an office location.
Our team works with clients throughout the country and we have developed tools, technology and service schedules that allow us to provide the advice people need even though we may be in another state or even in different time zones.
As you consider whether you could work with an advisor who is not down the street, ask yourself the following questions.
Am I Comfortable Utilizing Technology?
We still want to meet our clients face to face and get to know them on a personal basis. However, instead of being in our offices in Minneapolis, those meetings occur on a range of video conference call tools including Webex, Skype, Zoom, Google Chats and many more. This allows us to spend time with one another and share information just like we would during a traditional meeting. Similarly, we can use tools to sign paperwork digitally, share documents and review financial plans. Most importantly, we have invested in keeping your data safe. Our site allows clients to securely share and store data. All files uploaded to our website are encrypted at rest using 256-bit AES encryption. Files in transit, use TLS 1.2 encryption. Of course, outside of regularly scheduled meetings, you have access to your portfolio and other financial information on our website and mobile app.
The best part? We will handle all the set up for you. Just join one of our helpful team members for a tutorial and hands on assistance getting things set up on your computer, tablet or mobile device.
What if you like your flip phone and don’t want to use all this technology? No problem. We can conduct all the same discussions over the phone and through the mail, if that is your preference.
What Services Do I Need?
If you expect your advisor to handle day to day decisions or you have a demanding schedule, we have found that clients prefer working together virtually rather than meeting in-person during office hours. That is also true for clients who are local and simply want to be more efficient with their time. On the other hand, if you prefer to drop by an office to ask a question, you may be more comfortable working with someone nearby.
Do I Need an Advisor with Certain Expertise?
Another important consideration is experience and credentials. If you need someone with knowledge of a specific niche, such as charitable giving and gifting strategies, trust services or discretionary asset management, there may not be an advisor who specializes in your area. Complex issues require unique expertise, and you may be better served by a firm outside of your immediate area who can provide specialized, personal advice.
In a world that has gone virtual, working with an advisor simply because they are local is no longer a necessity. The technology to build a well-developed relationship virtually is here. The important thing is to determine what you are comfortable doing when it comes to your money, and finding a partner who will be compatible and capable of helping you reach your goals.
If you would like additional information or if you have questions, please complete the form below and someone from our office will contact you.
LPWM LLC dba Logan Park Wealth Management ("Logan Park") is a registered investment advisor ("RIA") with the U.S. Securities and Exchange Commission (“SEC”). Logan Park provides investment advisory and related services for clients nationally. Logan Park will maintain all applicable notice filings, registrations and licenses as required by the SEC and the various states in which Logan Park conducts business, as applicable. Logan Park renders individualized responses to persons in a particular state only after complying with all regulatory requirements, or pursuant to an applicable state exemption or exclusion.
Logan Park will provide all prospective clients with a copy of our current Form ADV, Part 2A ("Disclosure Brochure"), ADV Part 3 (Form CRS), and the Brochure Supplement for each Advisory Person supporting a particular client. You may obtain a copy of these disclosures on the SEC website at http://adviserinfo.sec.gov or you may contact us to request a free copy via .pdf or hardcopy.