The Benefits of Working with Local, Independent Financial Advisory Firm
Partnering with an independent, local, family-owned financial advisory firm offers a range of benefits that can enhance your financial planning experience. Full disclosure: I am a little biased in this opinion. Financial Strategies Group (FSG), the firm I am blessed to be a part of, fits this criteria. Here’s why FSG and firms like ours can be an excellent choice:
Personalized Service
Tailored Approach:
Independent, local firms often provide a highly personalized approach to financial planning. They take the time to understand your unique goals, preferences, and financial situation. This customized service can result in more relevant and effective financial strategies. As well as a more meaningful relationship with the financial advisor and firm.
Direct Communication:
With a smaller client base, you’re more likely to have direct and ongoing communication with your advisor. This fosters a deeper understanding of your needs and allows for more responsive and tailored advice. No long hold times or getting bounced around to different departments at FSG.
Family-Centered Values
Long-Term Relationships:
Family-owned firms often emphasize building long-term relationships with clients over making a short-term profit. They may focus on creating a positive, trust-based relationship that values personal interactions and mutual respect.
Commitment to Values:
Family-owned businesses frequently operate with a strong commitment to their values and reputation. This can translate into a higher level of care and dedication to providing exceptional service and maintaining high ethical standards. At FSG, we are committed to providing reliable, transparent, and qualified service and communication to our clients at all times. All team members are expected to follow these values at all times.
Local Knowledge and Community Ties
Understanding Local Needs:
A local firm is more likely to have an in-depth understanding of regional economic conditions, tax laws, and investment opportunities. This local insight can be valuable in crafting financial strategies that are well-suited to your specific location. For example, at FSG, we have many clients who work for or are retired employees from the State of Michigan, General Motors, Consumers, Michigan State University, Lansing Board of Water and Light, McLaren, Sparrow, Hurley, and many other local organizations. We already have a good understanding of the benefits and unique circumstances that employees of these organizations have and face. This gives us a head start in being able to provide employees of these organizations with the best possible service and experience.
Community Involvement:
Local firms are often active in their communities, which can foster a sense of connection and trust. FSG is very involved in the community. If you are interested in learning more about it, check out the Giving Back section of our website. https://fsgmichigan.com/how-we-give-back
Flexibility and Agility
Customized Solutions:
Independent firms have the flexibility to offer customized solutions and adapt their services to meet your unique needs. They are less constrained by corporate policies and sales quotas. This is absolutely true for FSG and allows us to tailor our approach more freely.
Adaptability:
Smaller, independent firms can often adapt more quickly to changes in their financial situation or market conditions. Their agility allows for timely adjustments to your financial plan.
Alignment of Interests
Client-Centric Approach:
Independent financial advisors often have a fiduciary duty, meaning they are required to act in your best interest. This can provide added reassurance that the advice and recommendations you receive are tailored to your needs rather than driven by corporate incentives. FSG and our advisors are Fiduciaries, and we take that responsibility seriously.
Transparent Practices:
Independent, family-owned firms may offer greater transparency in their practices and fee structures. They often prioritize building trust through clear, honest communication. Transparency is one of our core values!
Legacy and Succession Planning
Long-Term Perspective:
Family-owned firms often think about long-term success and the preservation of their legacy. This can mean a focus on sustainable, client-centric practices that benefit both current and future generations.
Personal Investment:
The family’s personal investment in the firm’s success can drive a strong commitment to delivering high-quality service and achieving positive outcomes for clients.
Community and Personal Connections
Local Networking:
Family-owned firms often have strong local networks and relationships. They can provide referrals to other trusted local professionals, such as accountants, attorneys, and real estate agents, enhancing your overall financial strategy.
Personalized Experience:
The personal touch of a family-owned firm can create a more comfortable and engaging experience, making financial planning less transactional and more relational. In fact, FSG is not interested in transactional relationships. We are interested in long-term, meaningful relationships where we can make a difference in our clients' lives.
Conclusion
Partnering with an independent, local, family-owned financial advisory firm like Financial Strategies Group offers numerous advantages, including personalized service, a commitment to family values, local expertise, and a focus on long-term relationships. These benefits can contribute to a more tailored, responsive, and client-centered financial planning experience. By choosing a firm that aligns with your values and needs, you can enhance your financial situation and build a strong, trusting partnership.
This commentary on this website reflects the personal opinions, viewpoints and analyses of the Financial Strategies Group, Inc employees providing such comments, and should not be regarded as a description of advisory services provided by Financial Strategies Group, Inc or performance returns of any Financial Strategies Group, Inc Investments client. The views reflected in the commentary are subject to change at any time without notice. Nothing on this website constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Financial Strategies Group, Inc manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.
Written by: Brandon Carter