Recently, I was exposed to the musical Wicked. The Majestic hosted the traveling Broadway cast earlier this year, and I was informed that I would be attending a show with my girls. I went from slumped in my chair thinking about the best way to avoid traffic at the end of the show to on the edge of my seat saying, "Fly Elphaba Fly," in a cracked and muffled voice as a small tear formed in the corner of my eye. It is an incredible show and a clever story. For those who don't know, it is a spin from The Wizard of Oz, showing the perspective of Elphaba, the Witch. It got me thinking about the power of perspective and experience. For instance, the Wizard of Oz is seen as all power from the outside; however, he is a man cultivating a meticulous image behind the curtain. Many would find that behind the curtain in the wealth management industry is very different from the picture carefully manicured to the outside.
A common assumption from the outside is that working with a large national firm will be your best bet. Perhaps in some cases, large firms offer a good solution to investors, but in my over decade of experience working inside big firms, an organization whose primary focus is return to the shareholder rarely has any individual, including employees, at the heart of what they do. Contrast your experience of eating at a large fast food chain vs a locally owned competitor. While the larger firms fixate on consistency across locations, local competitors usually focus more on your individual experience and making sure you feel valued and appreciated and ultimately get what you, as the consumer, are looking for.
Financial resources are some of your life's most private and sensitive dealings. Your relationship with the firm and advisor is critical to your long-term outcomes. My dad was visiting, and we were talking about this, and he said he thought the relationship value is more about the individual advisor than the firm. While I agree, I also live behind the curtain and know that you could have Tom Brady as your financial advisor, but if the firm he works at doesn't allow him to pass the ball, it will limit your potential. The potential of your life resources rests in the competence of your advisor and their firm. Working with a large firm often results in a narrower playbook for you and your investing options. If that is the case, you may have a great relationship with your advisor, but at what cost? It is something you need to quantify.
The comfort of being on the outside of the curtain has its benefits. As an investor, as unpleasant and confusing as it may be, you have a responsibility to occasionally peek behind that curtain to ensure the inner workings haven't drifted from your best interests. To learn more about how we put our clients first, we welcome you to reach out and see what is behind the curtain at Greenwing Wealth Management.