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As a Financial Advisor, Can You Work with People Who Don't Live Locally?

 

Many people don’t realize, as a financial advisor, I work with many people who aren’t living locally, and even some who live outside of Illinois.  Following proper guidelines, we are able to conduct business in all states we are properly registered in, as well as those where we are excluded from the registration requirements.  This means we have usually been able to accept and serve remote clients, whether they are clients who have relocated or even those who have never even visited central Illinois.

This question came up recently in a conversation with my neighbor.  Previously, he had already referred his parents to us.  They lived out of state but would be moving back to the area after retirement.  They were looking for a financial planner, and it was a great fit for both of us.

Now, his brother was inquiring about needing assistance with investment advice.  What he wasn’t sure about was whether we could help his family who lives out of state, with no intention of moving to Illinois.  After explaining to him the scope of our services, the limitations, and how such a relationship is viable, he was able to help us connect.

So yes, we do work with non-local and out-of-state residents, as guidelines allow.  In fact, in the age of covid, it’s not much different from working with many local individuals.  We often conducted meetings by zoom video or phone, even with clients and prospects that might live within a mile of our office!  Some appreciate this method for the sake of safety, and others just prefer it out of convenience.  Virtual meetings are the same, whether they are with a neighbor or someone thousands of miles away.

Having an advisor available that can work remotely is also a matter of accessibility.  Many times over the years, I’ve found myself working with snowbirds or even those that travel often.  And of course, many of our clients have moved out of state since retiring and we continue to seamlessly serve them.

Today’s technology gives us the freedom to connect with anybody, anywhere, at any time.  And while sometimes I feel this blessing means we’re never actually ‘away’ from the office, it does give me peace of mind.  I know that we can immediately be available for our clients even while on a family vacation or in an emergency situation!  This convenience even allowed me to extend our summer vacation while still engaging with my clients and servicing their needs.

Currently, we have clients in 13 states!  I can happily report that there have been absolutely no challenges in providing our top-level service; our relationship is as strong as ever.

So with technology and communication facilitating and easing the financial planning and investment management process, what other restrictions might there be?

We are free to engage and create a financial plan for anyone, regardless of the state.  Different states have different nuances and tax laws, but our software easily facilitates these differences.

The selection of investment models is the same regardless of your state residency. As an SEC Registered Investment Advisor firm, we're allowed to work nationwide within their parameters, allowing unlimited growth!

As for our insurance services, I am able to offer insurance policies in Illinois and Alabama.  If we have a client outside of these states with an insurance need, we can typically obtain licensure in that state.  For our clients who utilized us for insurance products and later relocated, we do not have any limitations on the service of those policies.  Insurance services are not a large part of our practice, and these limitations do not handicap our ability to serve our clients.

So, yes, I’m happy to say, we're able to accept clients from other states.  In fact, we expect the practice will continue to increase from outside the local area.  Please feel free to refer anyone, regardless of location.

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