I’m a Financial Advisor: 3 Things I Wish You Knew About My Role With Your Money
Written by
Cindy Lamothe
Edited by
Gary Dudak
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A common piece of money advice is to find yourself a qualified financial advisor to help you. The problem is, many people don’t know what that means exactly.
Do they only give you advice? Manage your money for you? Help you pick stocks? Or all of the above?
Luckily, GOBankingRates spoke with two financial advisors: Dennis Shirshikov, head of growth at GoSummer and a finance professor at the City University of New York; and Jeff Mains, founder of Champion Leadership Group, about the things they wish you knew about their role with your money.
“People often envision financial advisors as guardians of wealth, primarily focused on investments and savings,” said Mains. “However, my role — and indeed the role of any insightful financial advisor — goes much deeper, integrating life’s complexities with financial realities.”
Read below for more of their insights, and you can also take a look at how to choose a financial advisor for your specific needs.
The First Thing To Know
“One of the most important things I wish clients understood is that a financial advisor’s role is as much about guiding you through life’s financial decisions as it is about managing investments,” said Shirshikov. “People often think our job is solely to pick stocks or mutual funds, but in reality, we’re here to help craft a comprehensive financial plan that aligns with your long-term goals.”
This includes retirement planning, tax strategies, estate planning and even navigating the emotional aspects of wealth — like preparing for unexpected life events or planning for your children’s education.
“What’s not always part of our role — and something I wish more people recognized — is acting as a gatekeeper for market predictions or guaranteeing investment returns,” he said. “We’re not here to predict the future or promise specific outcomes. Rather, our job is to develop a strategy that can withstand market volatility and help you stay on track toward your financial goals.”
What Exactly We Help People With Regarding Their Finances
“My role as a financial advisor encompasses a broad spectrum of financial issues,” said Shirshikov.
At its core, he said it’s about providing clarity and structure to your financial life. This can involve creating a detailed retirement plan, advising on tax-efficient investment strategies, or helping to plan for life’s milestones — whether it’s buying a home, funding a child’s education or transitioning into retirement.
“I also work with clients on estate planning, ensuring their assets are transferred smoothly to the next generation according to their wishes,” he added.
But beyond the technical aspects, Shirshikov said there’s a significant amount of behavioral coaching involved. “For example, during market downturns, my job often shifts to keeping clients focused on their long-term goals and preventing them from making emotionally driven decisions that could derail their financial future.”
It’s these moments that truly highlight the comprehensive nature of financial advising.
Mains agreed. “For instance, we don’t just manage investments; we architect financial safety nets that consider your career trajectory, family plans, and even unexpected health challenges,” he explained. “We are not just advisors; we are strategic partners who anticipate the ripple effects of economic changes and personal decisions on your financial health.”
What We Do Not Do
“It’s crucial to understand that financial advisors are not magicians who can guarantee specific financial outcomes,” said Shirshikov. “We don’t have a crystal ball to predict market movements, and we can’t promise that every investment will be a home run.”
Additionally, he said that while he provides guidance on various aspects of your financial life, he doesn’t replace the need for other professionals, such as accountants for detailed tax advice or attorneys for legal matters.
Mains highlighted the same belief.
“We don’t make decisions in a vacuum or promise unrealistic returns based on market speculation,” he said. “Our advice is grounded in realistic scenarios and sustainable growth strategies, not fleeting market trends.”
Mains continued, “In my capacity at Champion Leadership Group, I leverage this philosophy to steer our clients toward not only meeting but exceeding their financial expectations through calculated risk management and strategic foresight. This holistic approach demystifies our role and redefines the value we bring to the financial table, emphasizing that true financial advising is about enriching your entire life narrative, not just boosting your bank account.”
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