The Difference Between Information and Advice

There are plenty of articles out there that state: make sure you’re working with a ‘fill in the blank’ advisor. They’ll say the advisor should be a CFP^® professional, a fiduciary, a financial advisor who is not incentivized to sell you products, or an advisor who has the support of a team of advisors. I agree with those recommendations. But one trait that isn’t talked about is an advisor who will both outline your options and also share their informed opinion.

I feel strongly about this after the frequent doctor appointments that come with having a baby. Anything medical is highly personal, as is anything related to personal finance. People don’t like uncertainty, so pundits who make black-and-white claims in either of these fields often rise to popularity, leaving those who outline the inevitable nuance in the shadows. I’ve always known the harm that comes from this side of the equation. A lack of personalization and explanation of options can lead to uninformed, poor choices.

However, what I now find equally as frustrating is a professional with deep expertise who will not state an opinion. Yes, it may be a nuanced and gray subject matter. But if I have selected you as my doctor or advisor, want to know your opinion based on your professional expertise. You know my situation and my values, so the final step I expect is your recommendation based on all of these inputs, not an “it’s up to you!”

I found that the medical professionals I appreciated the most were those who struck this balance beautifully. Conversely, I left feeling frustrated whenever I spoke with a medical professional who wouldn’t take the final step of making a recommendation.

We all need professionals who will take the time to outline the options and also take a stance.

I am happy to be working at RK where I can strike this balance between outlining nuance and offering an opinion. I don’t want anyone to leave a meeting feeling frustrated that I am the equivalent of a search browser – “here’s data, it’s up to you!” I want my clients to have my professional opinion. And after my experience with the medical field, I see a value in RK’s advisors’ ability and willingness to offer this guidance that I previously took for granted.

It’s a great opportunity to advise our clients on something as personal as finances – thank you for trusting us in this part of your lives.

Hannah Whatley, CFP® is a Senior Advisor with Rather & Kittrell