Out of all questions asked of a financial advisor, this one is the most clever. Why? You really want to determine success when interviewing a particular expert in consultation of services for your financial management? You talk about the “Great Recession,” particularly in the year of 2008. Why the Great Recession? Why does that matter when considering a financial advisor for your accounts?
Businesses Surviving the Great Recession Often See Great Success as a Cut Above the Rest
Given the state of competition, when you consult multiple professionals for financial advisement, you’ll see everything from price ranges to personality and everything in between pretty clearly. Nothing, though, — and I do mean nothing — beats a particular expert who did work through the Great Recession, especially through 2008. So this is what you do:
You ask about how long the financial advisor’s been taking clients and working.
If the candidate has actually managed many accounts well before 2008, and is still going strong, then you can rest assured — you have a real winner on your hands, hands down. However, if you’re interviewing a candidate for financial advisement, and you ask the question to get an answer that’s just shy of employment before 2008, then you just may be dealing with a newbie getting his or her feet wet in the industry, and if you want someone more experienced on your books, move on.
It’s All About the Timing
That is to say, timing isn’t the be-all and end-all of competitive consulting, determining which financial advisor might be the best fit for your accounts. But it can certainly tell a lot. Call me crazy, but I’d be pretty impressed about a certain advisor who still did fine even through the Great Recession. Think about it.
This is a profession dealing in money! And what other time besides the Great Depression did money absolutely suck as an industry?