Since beginning my career as a financial advisor in 1999, I’ve witnessed firsthand the wide range of ways financial advisors serve their clients.
I started my journey at a regional firm in Silverdale, Washington, while my husband was stationed at Naval Submarine Base Bangor. After we relocated back to Carlsbad, California, I worked for a large national wirehouse firm before eventually founding my own independent Registered Investment Advisor (RIA) firm — Meritage Wealth Management.
These experiences showed me something first hand that was not apparent when I began by career in 1999: not all financial advisors are the same. In fact, they can differ drastically in how they work, what services they offer, how they get paid, and how deeply they get to know their clients.
To add to the confusion, according to the U.S. Bureau of Labor Statistics, over 230,000 people in 2023 gave themselves the title of Financial Advisor – with no clear standard on what that means.
A Major Life Event Is When Most People Reach Out
Most of the people who contact me are navigating a major life event:
- Retiring after a long career
- Going through a divorce
- Selling a business
- Grieving the loss of a spouse
At the exact moment they’re feeling overwhelmed with their life event, they’re also trying to figure out who to trust with their financial future.
And here’s the truth: not every advisor is equipped to walk alongside you during those emotionally and financially complex transitions.
Not All Financial Advisors Work the Same Way
People who call themselves financial advisors, financial planners or financial professionals can vary drastically in:
Specializations: Some focus on investments, others on tax planning, retirement, or business transitions or even simply insurance sales.
Compensation: Fee-only, commission-based, or a combination of the two called fee-based. (You can learn more about these on the FAQ page of my website here.)
Service levels: Investment management only vs one-time financial plans vs. ongoing comprehensive planning and investment management to name just a few.
Philosophy and communication style: Some are product-focused selling insurance, annuities, stocks, bonds or mutual funds, and others are planning-focused. Some do all the talking, others (like me) prioritize listening.
It’s your financial life—make sure the person guiding you through it is aligned with your values, your goals, and your communication style.
And most importantly: make sure you like them. You’ll be sharing deeply personal information over many years.
Some of my clients have been with me since 2000, and over the years, we’ve shared countless conversations – not just about money, but about family, legacy, and life’s big decisions.
What they’ve valued most isn’t a spreadsheet or a cash flow statement or an investment performance report. It’s having a trusted, impartial sounding board to bring clarity and confidence to each new chapter of their retirement.
A Word to Married Couples: Plan Together
If you’re married, it’s essential that both partners are involved in choosing and working with a financial advisor. Here’s why:
- 80% of women outlive their spouses, often spending their final years single.
- 80% of men pass away while married, leaving behind partners who may not have been fully engaged in financial decisions.
- When a spouse dies, the surviving partner often loses one Social Security check, which can impact their monthly cash flow.
- They may also face an increased tax burden when moving from “married filing jointly” to “single” status – despite living on less income.
And perhaps most telling:
- 70% of widows change financial advisors after their spouse’s passing because they didn’t feel connected or included in the process.
Plan for the Future You Know Is Coming
If you haven’t had this conversation yet with your spouse, don’t wait for a crisis. Do the work now – together – to build a relationship with a financial advisor who can be there for both of you, especially during life’s hardest transitions.
Because in the end, true financial planning isn’t just about numbers – it’s about helping you live confidently through every chapter of life.
About the Author
Laryssa Freeman, CFP® is the founder of Meritage Wealth Management, a fee-only financial planning firm based in Carlsbad, California and working with clients virtually across the country. With over 25 years of experience helping retirees navigate retirement income, tax, and estate planning issues, Laryssa specializes in working with financially successful individuals and couples who want to live out their retirement with clarity and confidence.
