Top 5 Reasons Clients left their Advisor to become a PRIMORIS Wealth Advisors Client
Lack of Trust
As reported by the Financial Times from a Spectrem study, “Centers of Influence,” it was found that most clients chose their advisors mainly because they trusted them.
At PRIMORIS, we are fiduciaries and held to a higher standard of contact and trust. We strive to express empathy for our clients and understand their specific needs and wants by actively taking an interest in and knowing our client’s history and family. We are ethically bound to do what’s in your best interest.
Lack of Communication
According to a Financial Advisor Magazine survey, the main reason clients fire their current advisor is poor communication, or a failure to communicate on a timely basis.
At PRIMORIS, it is important to us to maintain ongoing, proactive communication with our clients. Trust ultimately comes down to our credibility. The only way to establish that credibility and to create that trust is to offer a great client experience that is differentiated and focused on our clients’ needs. At the very least, we have a substantive conversation with you reviewing your financial situation and goals annually, if not more frequently.
Clients want systems that improves efficiency and decision-making. Many advisors outsource investment management to third-party money managers. The extra layer of investment management utilizing third-party investment managers only adds an extra layer of fees.
At PRIMORIS, we manage your investment account decisions locally. It is much more efficient to manage the investment assets directly and we are directly accountable to you. Our goal for our clients is better bottom-line results, because what you keep is what matters most.
If poor performance is bad enough, then charging high fees is adding insult to injury. If you’re funding a Qualified Plan like a 401(k), even a seemingly negligible fee that adds up to 1 percent can cost big. “Such a small fee can reduce your retirement balance by 28 percent,” says Garrett Gunderson, founder, and chief wealth architect at the Wealth Factory.
At PRIMORIS, we are a fee-only discretionary investment management firm. Our fee structure is clear, not complicated, and easy to understand. We do not have any “product” to sell nor do we charge any commissions. We constantly search to find the best investments at the lowest cost for our clients.
Poor Tax Planning
In terms of costs, taxes are far from a hidden expense. But many people don't realize that if they give more consideration to taxes when they're plotting out an investment strategy, they can get much better after-tax returns.
At PRIMORIS, we manage all accounts with tax efficiency and the bottom line in mind. Many low-cost fund options aren't efficient from a tax standpoint, failing to take advantage of opportunities to harvest tax losses and selling off high-gain assets at inopportune times from a tax perspective. Foreseeing these and other tax issues can lead to reduced tax bills that will boost your ending nest egg considerably.