3 Habits of Successful Wealth Management Investors

If you’re looking to get started with investing, these are some of the best habits to get in place right away to achieve financial success.

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When it comes to investing, there are some that can do incredibly well. And these successful people might seem like a diamond in the rough, yet there are certainly some overall themes that have provided them with that success.

So today, we’re going to dig into it by looking at three habits that successful investors achieve when being guided by wealth management advisors. That way, the next time you meet up with your financial advisor, you’ll have more knowledge on the right questions to ask.

Be transparent 

If you want to be successful in your future financial success, then you need to trust your financial advisor. The most successful investors will recognize this important step early on and be open about their financial affairs. By doing so, these investors understand that a comprehensive understanding of finances will ultimately lead to financial success.

This doesn’t just include providing them with your salary information or your overall budget. Instead, it includes your assets, investments managed by a financial advisor, and other components of your overall net worth. Include stock options, bonuses, even changes to your expenditures from home improvement.

This overall understanding will help guide your financial advisor and provide them with a solid picture of both your present and future financial needs. It also means being transparent with your partner, as planning together is another sure sign of long-term success. By achieving this habit, you’ll be setting yourself up for greatness.

Put it into practice

It can be easy to meet with a financial advisor and say that you’re going to do every single step that they’ve outlined. But then, you go home, and that simply isn’t done. Therefore, putting those recommendations into practice is of course a big part of future success.

A simple method to put the advice to work is setting up automated contributions or other items that can help you follow through. Do this right in the office while you’re with your financial advisor! Not only are you showing you’re willing, but you’ll have done the heavy lifting already.

What’s more, make sure to go over the results with your financial advisor on a consistent basis. It’s one thing to set up your investments, but it’s another to let them continue if it isn’t working, or if your finances change.

Educate yourself

Ask your financial advisor how you can continue to educate yourself in terms of your own financial goals. They likely have a lot of resources that you can choose from. And you’re already on Motley Fool! So this means you’re already ahead of the curve!

By being active in your continued financial success, this will allow you to ask the right questions, and see the right results for your own personal success. Making these informed choices will then help you continue to see strong results.

Getting started

If you’re just getting started, consider asking your financial advisor about index exchange-traded funds (ETF). These can be a strong option while you get your feet wet with long-term investing. This might include the iShares Core MSCI All Country World ex Canada Index ETF (TSX:XAW).

This ETF provides exposure to developed and emerging markets around the world, except Canada. Through thousands of stocks, you gain diversification while you learn what’s right for your portfolio. And as always, make sure to consistently meet with your financial advisor. By following these habits, you’ll likely see the best results to meet your long-term goals.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Amy Legate-Wolfe has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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