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What represents trust in a relationship and what is it worth to you?
To all of us, trust means telling the truth and is critical to any quality relationship. In this article I’ll share thoughts on another definition of trust; being able to count on consistent behavior and meeting expectations. Trust is a two-way street and we expect the same from the families we serve. Nearly every business decision made at PCA is an investment in developing, sustaining, and growing trust with families we serve.
We believe Charles Schwab (Schwab) is a leading custodian in the industry and I’ve worked with many over 30 years. We trust Schwab and they assure our family’s assets are protected as much as any wealth management firm in the industry, big or small, against Identity Theft or Fraud.
I ask every prospective client I meet for the first time, “What’s been your experience with the financial industry?” The most common answer -by far- is that they do not hear from their broker or advisor enough. We are committed to consistent communication with families we serve. Straight forward questions deserve straight forward answers especially if the answers are difficult. Candid communication builds trust.
We have a great Team at PCA. Our families are familiar with my Relationship Manager, Anna Hopkins, who’s been delightful to work with for over 16 years. Kaitlin Hummel has made a huge impact in her nearly 4 years, focused on tax planning and account management. Alec Quaid, CFP® has over 7 years of experience as a Wealth Manager and adds insight ad bandwidth to our advice. We continue to invest in outsourced administrative support and subject matter experts while assuring our families speak with our internal team! We are all committed to meeting expectations regardless of vacations, good or bad days, etc. We cannot outsource responsibility or accountability. The buck stops with me and my PCA team.
I’ve coached staff and other independent Advisors that mistakes are inevitable, so mistakes are an opportunity to demonstrate to our families how we react to mistakes. Nobody trusts someone who makes excuses and doesn’t accept personal responsibility. I wrote our PCA Core Values many years ago and they guide my actions. You may read them on our ‘About Us’ page on our website - https://www.poterack.net/about-us
I’m asked, more often in recent years, “What happens to my accounts, if something happens to you?” Whether you are with a large wire house, or a Private Wealth Management firm like PCA, you (hopefully) have a trusting relationship with your broker or advisor. If that person dies, then you have no relationship. Relationships and trust often take time and it is intentional that our families have a relationship with our entire team.
If a big box shop assigns you someone, after your advisor dies, it’s not the same relationship. This would be true if I died as well. Our PCA team and way of conducting business would continue and Alec, along with our strategic partnerships, would continue managing client assets, so your accounts would not be a “ship without a rudder”. This issue is an important priority for me, and drove my decision to affiliate with Private Advisor Group.
You may trust that we have a plan. Every decision I make is made with the best interests of our families we serve.