When Smaller is Better - 5 Reasons People Choose a Small Financial Advisory Firm
While big business certainly has its advantages, it also has its drawbacks. Large corporations may have more resources, but they also have to spread those resources widely in order to pay for all the levels of leadership, staffing, office buildings, expensive and complex business systems, etc., they need to continually “feed.” Big businesses’ decision-making can be heavily influenced by their legal counsel, many of which have hired full-time attorneys to litigate their cases or protect their interests. Often decisions are made to insulate the financial interests of the company and significant resources are spent defending them versus using those resources to improve services to their customers or clients.
The bureaucracy in large corporations can limit the speed and efficiency of making changes. Communication can become more difficult – with more “voices” comes the greater potential for misunderstandings – which further slows the process of getting to a solution. The feedback “echo” has to travel further to reach decision-makers.
Big firms can get stuck in a line of thinking that becomes entrenched throughout the organization. “Groupthink” can occur stifling innovation and creative problem-solving.
The response times of large enterprises can be unknown. The timeframe before clients receive service or an answer to a question can be longer than necessary. All of us have likely experienced the frustration of making a call to a big company’s service center to address a service issue and have been put on lengthy hold times, passed from one department to another…
In order to streamline services for maximum efficiency, large corporations tend to push products and/or services that could be described as “cookie-cutter” or one size fits all approach or process. They want to reduce the potential for errors, which of course is a good thing, but in so doing, reduce the ability to customize solutions for clients.
Solas Wealth, LLC
We are a boutique, “family office” style wealth management firm with access to large resources. Here are 5 of our advantages.
1. No bureaucracy
We have daily team meetings. If there’s an issue, we discuss it and solve it, and make it right. Our lines of communication are open. Our team members have the freedom and are expected to share their ideas when they see an opportunity to improve our client’s experience. Decision-makers are in these meetings so matters can be decided and acted upon in a timely manner. We don’t have to run an issue “up the flagpole” and wait for someone in a distant corporate office to get back to us before we can address the issue.
If we learn of a more effective process or software solution that will enhance our client service, we’re going to implement it as soon as possible. We have the technological expertise on our team to make these improvements quickly.
3. Personal Attention
Because we have fewer clients they receive more of our time and attention. We know their dreams, concerns, hopes, what energizes them and drains them, where they like to eat when dining out, and what is fun to them – to name a few. We make the time to ask our clients important and relevant questions.
4. Personalized Services
For decades we have been listening to clients tell us how they would like to be served. That includes the content of our meetings, the frequency of their progress review meetings, the technology to be used to access their information, and the protection of their personal and account information.
5. Niche Specialty
While we can service a wide variety of financial planning and investment management needs, we are especially adept at guiding our clients through life’s many transitions – loss of a spouse, retirement, selling a business, relocating to a new city, divorce, etc.
If you value a personal touch to the management of your financial affairs, please consider Solas Wealth. We take great delight in seeing you experience the life you envision for yourself and those you love. Please check out solaswealth.com for more information.