Last updated on Dec 13, 2023
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- Working with Brokers
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Know your broker
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Communicate your expectations
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Monitor your account
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Ask questions and give feedback
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Review your relationship
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Here’s what else to consider
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Trust is a vital element of any successful relationship, especially when it comes to working with brokers. Brokers are intermediaries who help you buy or sell assets, such as stocks, bonds, commodities, or real estate. They can offer you valuable advice, access, and convenience, but they also charge fees and commissions for their services. How do you ensure that your broker is acting in your best interest and not taking advantage of you? Here are some tips to help you maintain trust with your broker.
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- Greg Gelineau, CLTC ~Executive Vice President at American Senior Benefits/Integrity Marketing Group~ 🇺🇸Top 1% LinkedIn voice /Coach and… 1
1 Know your broker
Before you hire a broker, do some research on their background, credentials, reputation, and performance. You can check their registration and disciplinary history with the relevant regulatory agencies, such as the SEC, FINRA, or NAR. You can also look for online reviews, ratings, testimonials, or referrals from other clients. You want to work with a broker who has the appropriate qualifications, experience, and track record for your needs and goals.
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- Greg Gelineau, CLTC ~Executive Vice President at American Senior Benefits/Integrity Marketing Group~ 🇺🇸Top 1% LinkedIn voice /Coach and Business Consultant. #IndustryExpert/#LeadershipExpert/ “SUBSCRIBE TO MY NEWSLETTER”.and “FOLLOW ME”
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Trust with brokers is maintained simply by doing what you say you’re going to do consistently. People don’t expect perfection, but they do expect consistency. It’s also important to deliver value and work hard to build trustworthy relationships.
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2 Communicate your expectations
Once you choose a broker, make sure you have a clear and written agreement that outlines the terms and conditions of your relationship. This should include the scope of services, fees and commissions, risk disclosure, dispute resolution, and termination clauses. You should also communicate your preferences, objectives, risk tolerance, and investment strategy with your broker. You want to work with a broker who understands your needs and expectations and can align their recommendations with them.
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3 Monitor your account
You should regularly review your account statements, trade confirmations, and performance reports from your broker. You should also compare them with independent sources, such as market data, benchmarks, or third-party analysis. You want to verify that your broker is executing your orders correctly, following your instructions, and meeting your targets. You should also watch out for any red flags, such as unauthorized transactions, excessive fees, unsuitable trades, or poor returns.
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4 Ask questions and give feedback
You should always ask questions and seek clarification from your broker if you have any doubts, concerns, or complaints. You should also give feedback and express your satisfaction or dissatisfaction with their service. You want to work with a broker who is responsive, transparent, and accountable for their actions and decisions. You should also be open to hearing their explanations, suggestions, or criticisms and be willing to adjust your plans if necessary.
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5 Review your relationship
You should periodically evaluate your relationship with your broker and assess whether it is still meeting your needs and expectations. You should also consider any changes in your personal or financial situation, goals, or market conditions that may affect your investment strategy. You want to work with a broker who is adaptable, flexible, and proactive in addressing your concerns and opportunities. You should also be prepared to end your relationship if it is no longer beneficial or trustworthy.
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6 Here’s what else to consider
This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?
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