“The clients I love are the ones who stay engaged in the process,” said Donald L. McCoy, J.D., President and Chairman of the Board at Planners Financial Services. McCoy also serves as chairman of the PFS Investment Committee and the Minnesota-based firm’s chief compliance officer. “It’s nice to have a client who will call the office regularly… Engaged clients make sure you stay on top of your investment strategy, so that you can explain not only how an investment works, but also how it fits into the overall portfolio.

McCoy received a J.D. from the University of Denver, joining Planners Financial Services in 1997 after practicing law in South Carolina. In 2005, McCoy and a partner purchased the business. McCoy, also a Chartered Mutual Fund Counselor (CMFC), is now Planners’ sole owner.

The firm provides investment management services, but works with clients on a wide variety of issues including insurance, educational planning, inter-generational planning, senior housing, charitable giving and more.

In order to truly benefit from an advisor, a client needs to be proactive.  It is not just investment advice, but life advice.

“Too often, as we go through our lives, we push down the big issues that we should tackle,” he said. “We get caught up in the day-to-day minutiae and avoid working on the big picture.  People should seek out advisors for assistance on a broad range of issues to tap into their skills, knowledge and contacts.  Don’t push that big issue off until tomorrow.”

In return, Planners promises clients that it will take a proactive role in building relationships with them – one that goes beyond just investments. The advisor must make it easy for the client to reach out by communicating frequently and being available and accessible.

“It’s important from the very beginning to insist as much as possible that everybody be part of the conversation,” McCoy said. He uses the example of a husband and wife looking to invest, but the husband is always the one calling. “When the husband passes, the wife is left to figure out their finances on her own,” McCoy said, adding that he includes everyone in the process, even the children if necessary.

Starting these conversations early on is important, as issues pile up fast. Issues affecting seniors – stemming from longer retirements, the need for insurance, housing needs, weighing various investments, among others – need to be addressed early so clients can be reassured that they will be covered in their later years.

Being a successful advisor is not about beating the market; it is about meeting and exceeding client expectations along with developing long-lasting relationships.

“You’re not just talking to a machine,” McCoy said. “I feel like I should be on call for clients … They might have something important happen – and those things don’t always happen at convenient hours.  A true and effective advisor works closely with clients to help them navigate all of life’s transitions.”

For more information, visit: www.plannersfinancialservices.com