With market volatility continuing to make waves, it has many investors feeling uncertain about their financial plans and taking a deeper look into the approach their advisors are using to navigate through the down market. Wealth firms build their practice and service model around varying approaches to meet their client’s financial needs. BerganKDV Wealth Management follows an ensemble approach to seamlessly share information and resources across our client base.
Firms that take an ensemble approach leverage all team members and their unique skillsets and expertise to assist their clients in creating a robust financial plan. The benefits of partnering with a firm with an ensemble approach differ depending on what an investor is looking for, but here are four major advantages:
Broadened Service Offerings
Because there is a multitude of personnel and resources, firms that take an ensemble approach can offer expanded service offerings compared to others. For example, some firms may have advisors or other team members who specialize in areas outside of wealth and can leverage that expertise to optimize their services. At BerganKDV, we were formed within a CPA practice, so when clients give us permission, we partner with our CPA teammates to ensure our client’s financial strategy is as tax efficient as possible.
Higher Plan Visibility
When working with a firm with an ensemble mentality, you can rest assured there are multiple advisors lending their expertise to address your plan needs and holding each other accountable to confirm you have a great experience with the firm. Multi-advisor firms typically document client engagements so that both associate advisors and senior advisors have a line of sight on the experience and can continuously improve their service. If you are having issues or conflicts with your advisor, or if there is an emergency that impacts your advisor team, you can feel confident that the needs of your account will be addressed in a prompt manner due to increased plan and client service visibility across the firm.
Diverse Strengths and Perspectives
One of the biggest wins of an ensemble approach is the ability for advisors to knowledge share to provide enhanced support for clients. Each advisor brings their own set of specializations and strengths to the table, and without an ensemble approach, it may take more research and work for an investor to find an advisor whose strengths align with their plan needs. With an ensemble approach, advisors are working together to share their strengths where they’re needed most for clients. If your advisor isn’t sure about one of your questions, you know that they have the resources and knowledge from other team members to tap into and get you a timely response.
Better Contingency Plan
When working with an advisor who works independently within a firm, concerns may arise about what to do if the advisor was to retire or transition to a new firm. Who will step in as the investor’s new point of contact? With an ensemble approach, you can rest assured that even if your main advisor was to leave for whatever reason, your plans and investments would continue being worked on and reviewed by the firm, while you decide who you want to take over as your main advisor and point of contact.
When researching a wealth firm to partner with, there is no wrong or right approach to look out for, because every investor has a unique set of goals and objectives they are aiming to achieve. Based on the benefits above, an investor may find an ensemble approach helpful during times of volatility because there are multiple hands on deck providing advisory and resources to ensure accounts remain in a safe spot.
At BerganKDV, our advisors are cross-collaborative and focused on helping our clients live their best financial lives. If you’re interested in a more integrated approach to managing your wealth, contact us today to experience the difference it can make for your short- and long-term planning. Talk with an advisor!
The views and strategies described may not be suitable for all investors. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for accounting, legal or tax advice. References to future returns are not promises or even estimates of actual returns a client portfolio may achieve. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation.
The views expressed are those of BerganKDV Wealth Management. They are subject to change at any time. These views do not necessarily reflect the opinions of any other firm.
Investment advisory services and fee-based planning offered through BerganKDV Wealth Management, an SEC Registered Investment Advisor.