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Tele-Advising: the next best thing to being there
Advances in technology have changed virtually every aspect of our lives - how we work, shop, learn, relax and stay connected. For many personal finance “DIYers,” these advances have been an absolute game-changer.
As of February 2020, there were over 8,000 Financial Technology (FinTech) companies in the U.S. alone.1 These have proven to be tremendous enablers for motivated, self-directed investors. Still, some investors wonder if what they’re doing is actually working towards their financial goals. If you’re among them, you might want to consider Tele-Advice.
Tele-Advice gives you an online, face-to-face connection with a professional Financial Advisor (FA). Someone who can look at your big financial picture and ensure your investment and/or saving strategy has the right protection, preservation and accumulation components you need to reach your financial goals.
Why “wonder” if your investments are working
The same technology that connects you to your investment activity, can connect you instantly to a dedicated FA Tele-Advisor of your choice. Thus, giving you immediate access to personalized, financial advice virtually — and at your convenience, never having to leave the comfort of your home, dealing with traffic, paying for parking or all other hassles.
Even the most independent, “go-it-alone” investors could benefit from the help of an FA. According to U.S. News & World Report, studies have shown that people who work with an FA are better prepared for retirement and more confident about their future.2
"...people who work with a Financial Advisor are better prepared for retirement and more confident about their future."
Your first Tele-Advice session
In many cases, the initial session with an FA is complimentary as it’s your opportunity to get to know one another. It’s important that you feel comfortable with whomever you choose to work with as you’ll be sharing a good deal of personal information with that person.
You should never feel awkward, uncomfortable or intimidated. To that end, here are three key questions to ask:
Are you a fiduciary?
By definition, a fiduciary manages assets on your behalf. They are required to act in your best interest.
How do you get paid?
This should be easy for any reputable FA to answer. Today’s FAs work within different fee structures and commissions, so there’s not necessarily one right answer.
How much control do I have over the investment decisions?
Some FAs make all of the investment decisions with no client input. This may be a good option for some, but not if you want the ability to customize your strategy or have a say in choosing what's included in your portfolio.
What to expect from your Tele-Advisor
Once you’ve chosen your Tele-Advisor, you will be asked to provide detailed information about your investments, assets, liabilities, risk tolerance, goals etc. You’ll most likely be asked to fill out a questionnaire to provide a better picture of your family health and lifestyle as well.
All of that information will be used to create a thorough, thought-out written plan. One that holistically takes into account your income, taxes, goals, lifestyle and purpose for saving and/or investing. Your plan should be designed to anticipate and work through a variety of scenarios and market conditions (even the bad ones).
Most likely, you’ll meet on a quarterly basis to review your plan’s performance and make any necessary adjustments. But, if there are any life events that come up, you can always proactively reach out to your Tele-Advisor.
Virtually anyone can benefit from Tele-Advice
Whether you’re an experienced independent investor, a digital platform dabbler or someone looking for a bit of financial advice, professional guidance from an experienced Tele-Advisor can make a big difference in reaching your goals.
John Hancock’s been helping people make the most of their financial opportunities for more than 157 years. We even have a dedicated team of experienced Tele-Advisors on hand ready to help — and always at your convenience.
Financial planning and investment advice provided by John Hancock Personal Financial Services, LLC (“JHPFS”), an SEC registered investment adviser. Investments: not FDIC insured – No Bank Guarantee – May Lose Value. Investing involves risk, including loss of principal, and past performance does not guarantee future results. Diversified portfolios and asset allocation do not guarantee profit or protect against loss. Nothing on this site should be construed to be an offer, solicitation of an offer, or recommendation to buy or sell any security. Before investing, consider your investment objectives and JHPFS’s fees. JHPFS does not provide legal or tax advice and investors should consult with their personal legal and tax advisors prior to purchasing a financial plan or making any investment.