Pursuing your financial goals with a Financial Advisor in Nashville

Choosing a financial advisor in Nashville, TN requires careful consideration to find a qualified professional who can provide the leadership, advice and services you seek. 

Trust is paramount when you select a financial advisor who will provide planning and investment decisions. So be sure to research the advisor's background and history of compliance with industry regulations. 

When an advisor claims to be a financial expert, where does that expertise come from? It could be education and degrees, years of relevant experience, and certifications that represent expertise in various financial disciplines, 

You may consider a financial advisor who provides specialized services to niche markets. For example, some advisors may focus on retirement planning, while others may excel in investment management or tax planning. Selecting an advisor with relevant experience in specific financial disciplines can be the difference in pursuing your financial goals.

Next, take the time to interview potential financial advisors to determine what their services will cost now and in the future. For example, some financial advisors are paid a fee for their knowledge, time, and services. Other advisors are paid commissions by third parties (mutual fund families, annuity companies). Ideally, these advisors will be transparent about their fees and provide documentation.  

In general, fee-for-service advisors have fewer potential conflicts of interest than advisors who are paid commissions for their advice.   

You should also ask the advisors to describe the types of clients that they serve. The more experience they have working with clients like you, the better. You should be able to find this information on their websites and by conducting Google name searches.

Take Aways: At Silberman Wealth Strategies, we understand true wealth encompasses more than just financial success; it's about pursuing a life of purpose, significance, and fulfillment. It’s also about creating legacies and giving to causes you hold near and dear to your heart.  

We are committed to providing personalized financial advice to align your financial decisions with your life goals, values, and aspirations. Through our Five-Step Personal CFO process, we strive to help you achieve financial freedom, allowing you to focus on what truly matters to you and your family.

When meeting with potential financial advisor candidates, be honest about your current financial situation, concerns, risk tolerance, and future aspirations. The right financial advisor will be a good listener and tailor his or her approach to your unique circumstances and goals. You are unique and want to select an advisor who represents your uniqueness. Remember, this is entirely about you…it's not about the advisor’s expertise and services; it's about forming a partnership that endures over time.

Matching your financial needs with the right financial advisor is crucial for achieving your financial goals and securing your future. A skilled and knowledgeable advisor can offer personalized guidance and tailored strategies that align with your unique circumstances, risk tolerance, and aspirations.

A true professional will take the time to understand your short-term and long-term objectives, whether that's retirement planning, wealth accumulation, or managing investments.  By working together in harmony, you can build a strong financial foundation and have confidence in your decisions, which are a big part of your financial journey.

Take Aways: There are numerous options available to you regarding who you trust with the responsibility of helping you manage your financial future. Silberman Wealth Strategies could be an excellent match if you seek a wealth management firm that appreciates your accomplishments, acknowledges the significant effort you've put into reaching your goals, and offers full service wealth management services.

These three pillars serve as the foundation of our firm: 

• The value of a human connection
• Our comprehensive five-step Personal CFO approach
• The results we can produce for our clients

A Virtual Family Office (VFO) is a modern version of the more traditional family office, a wealth management firm that provides high-level, holistic, coordinated services to wealthy individuals and families.  

The main difference is that a virtual family office operates more flexibly and cost-effectively, leveraging digital technologies and services that enable us to provide family office services nationwide.

The VFO model typically delivers the same comprehensive wealth management services as a traditional family office, which includes but is not limited to:

Investment management

Financial and retirement planning

Estate and legacy planning

Tax advice and services

Philanthropic planning

Legal documents

Risk management services

Family education on financial matters

These services are generally custom-tailored to the specific needs of each client or family and can be coordinated with other professionals (CPAs, attorneys, etc.).

Take Aways: The landscape of family office wealth management is more comprehensive than it has ever been. The delivery of these services is more flexible in a digital world. 

We adopted the family office model for our firm years ago. In the past, the luxury of having immediate access to your CPA, attorney, and other experts under a single roof was exclusive to the ultra-rich. Today, Silberman Wealth Strategies breaks this norm by having access to the financial services required by the millionaire next-door, accessible on demand.

Simply put, we leverage a team of seasoned professionals who collaborate with other experts in your network to ensure your financial matters are handled as effectively and conveniently as possible.

Your financial needs will change over time, which sometimes means you must evaluate your relationship with your current financial advisor. Perhaps you have outgrown the services of that advisor, or you no longer believe the advice you are getting is consistent with your needs and goals.

Several red flags may cause you to question the level of service you are receiving from a current advisor.  

Following are a few warning signs that may be reasons to consider a change:

• If your financial advisor is not communicating with you regularly or is less than responsive to your inquiries, they could be signs you need a different advisor. The right financial advisor will prioritize accessibility and communications that keep you informed on topics that impact you. 
• If you are unsure how your current financial advisor is compensated and how the advisor is paid, it may be time to consider a change. Keep in mind you may be paying layers of fees to multiple parties. 
• If your investments are consistently underperforming relevant benchmarks over a longer period and your advisor can't provide a satisfactory explanation, then it might be time to consider a change.
• Think about changing if your advisor appears to be selling investment and insurance products and is not providing expert advice and services. 
• You may be concerned that your financial plan and investment portfolio is exposed to excessive risk. For example, the market is down 10%, and your portfolio is down 15%.
• You may be concerned your financial advisor is not acting in your best interest or there are other signs of conflicts of interest. This can include a lack of transparency, failure to disclose conflicts of interest, bankruptcies, and even personal legal actions.
• Suppose your advisor only focuses on your investments and ignores other parts of your financial life, such as retirement planning, estate planning, tax planning, and insurance needs. In that case, looking for a more holistic financial planner might be a good decision.
• A good relationship with your financial advisor is based on trust. If you don't feel comfortable with your advisor — maybe you don't feel heard, or your personalities clash — it's reasonable to consider finding a more suitable partner.

Take Aways: Remember, it's your money and your financial future. Sticking with the wrong financial advisor can negatively impact pursuing your financial goals. Waiting and hoping something will change may not be the best decision.

Selecting the right financial advisor is one of the most important decisions you will ever make for yourself and your family. This means you must conduct your due diligence focused on expertise and trust.

You should start by verifying their record of compliance with industry regulations. You are looking for complaints, settlements, fines, censures, and other actions by FINRA, the SEC, or State Commissioners. 

Keep a vigilant eye out for any potential warning signs during your interviews with financial advisors. Watch out for advisors who guarantee returns (that is illegal) or claim they produce exceedingly high investment returns with no documentation. 

There are also subtle warnings. For example, they try to impress you with words you may need to help understand or fail to disclose how much they are compensated. Be extra cautious when advisors try to minimize your need for documentation. They may prefer verbal communication, so there is no written record; it is your word against theirs.

Another subtlety is the financial advisor who produces a plan loaded with high-commission products. The plan may be a tactic for selling investment and insurance products that produce big commissions. 

Thanks to the Internet, a wealth of information about financial advisors is readily accessible online. Check out the advisors' websites and utilize search engines like Google to delve deeper into their backgrounds. Incorporate search terms that can reveal vital information such as lawsuits, bankruptcies, compliance histories, client grievances, suspensions, and more.

Take Aways: At Silberman Wealth Strategies, we operate as financial fiduciaries. We are held to the highest ethical standards in the financial service industry. We practice full disclosure with documentation for key facts that impact our clients.

Every financial advisor has a different onboarding process.  At Silberman Wealth Strategies, we serve as your Personal CFO and follow these five important steps:

Discovery Meeting: This is the initial meeting with the client, where a your Personal CFO gets to know your financial situation, goals, and risk tolerance. It involves in-depth discussions about your personal, financial, and lifestyle objectives. Your CFO will typically gather all necessary financial information such as income, assets, liabilities, tax situation, etc. It is also an opportunity for you to learn more about the CFO's services, investment philosophy, accessibility, and methods of communication.

Wealth Planning Strategy Meeting: In this stage, your Personal CFO develops a comprehensive financial plan based on the information gathered during the discovery meeting. The financial plan may include investment strategies, estate planning, tax planning, risk management, retirement planning, and more, tailored to your current circumstances and goals. This plan is presented to you during the Wealth Planning Strategy meeting for review, feedback, and approval.

Mutual Commitment Meeting: After you have had a chance to review the plan, your Personal CFO meets with the client again to fine-tune the strategy based on the client's feedback. In this meeting, both parties agree to the terms of the working relationship, and the client commits to entrusting their financial management to the CFO.

Organizational Meeting: Once the agreement is in place, the Personal CFO implements the agreed-upon plan. The organizational meeting is meant to establish timelines and action plans. The CFO will set up necessary accounts, transfer funds, and ensure all financial arrangements are properly structured according to the agreed-upon plan. The client will also be briefed about what steps they need to take, if any.

Regular Progress Review Meetings: Regular progress review meetings are set up after implementing the financial plan. These meetings allow the Personal CFO to review the performance of the investments and other aspects of the financial plan. Adjustments are made as needed based on market conditions, changes in the client's circumstances, or changes in the client's financial goals. These meetings ensure the client's financial plan stays consistent with their long-term objectives.

Take Aways: Think of us as your financial GPS, guiding you toward your objectives with a roadmap tailored to your specific requirements. To learn more about our elite wealth management services, connect with us.