Suppose you just found out that someone recently opened a credit card account in your name. Concerned?  Then you find out it was the representative at your local branch who did it without your authorization.  Confused?  To make it worse, you find out that he, his manager, and even the CEO of the company received bonuses to do so.  Frustrated?  Welcome to the underbelly of the banking and financial services industries, courtesy of Wells Fargo.

Despite the fact that the economy is still feeling the effects of the financial crisis nine years later, we have another example of a financial institution singing a familiar refrain:  do whatever you have to so we can make money and hit our targets.  Don't get me wrong, I understand that companies owe their shareholders the duty to grow earnings and maximize profits.  I just believe that the concepts of managing risk (both financial and regulatory) and valuing relationships should be held in equal - if not greater - esteem.  Most large banks and brokerage firms seem to have forgotten that in practice, despite what their advertising says.

As consumers, we often look at an institution's size as one sign of stability but forget the most important factor:  people.  Every organization is made up of living, breathing people with whom we interact every day.  The company itself is just a series of systems with a "brand"/promise to bring something to our experience through their employees.  When the systems break down or promises are broken, it's time to give your relationship a second look.

Technology has been called "the great equalizer" for a number of reasons.  This is especially true for firms specializing in wealth management.  Most firms have access to the technological integrations to bring you appropriate investments, monitor performance, and compare that to your financial plan on an ongoing basis.  The difference is the person you choose to help you.  Consider using a list of questions you may want to ask your potential advisor to help make the most of your conversation.

Your relationships with people are what matter...not the sign on the wall.  If you're tired of feeling like a number, call Locker Wealth Management at 708-960-0520  to discuss your situation.