The results from a recent poll conducted by Fidelity tells the story.  Thirty percent of high net worth individuals surveyed don’t have an established relationship with a financial advisor. Among  those who do use professional advice, 34 percent report having two or more advisors. It appears that one out of three successful individuals can’t seem to find an advisor they trust and another third use multiple advisors to protect themselves from the downside risk of choosing a bad advisor. Either way, the overall management burden remains on the shoulders of the individual when they’d be better off focusing their attentions on other, more important matters.

One entrepreneur described what he wants this way:  “I surround myself with a ‘360-degree circle of support’: Lawyers, financial advisors, personal trainers, home help... I’ve gotten to the point in my life where I’m pretty clear how I want to spend my time; with my family, my friends, my business, and my own evolution as a person. I’ve really figured out I don’t want to spend my time worrying about anything else to the degree I can avoid it. And that’s what my circle of support is for.”

What most of us in business are really looking for is a trusted advisor who can help us address a multitude of financial concerns. Too often, however, advisors, leave clients hanging when faced with challenges outside of their expertise. Instead they merely refer people out to an attorney or a CPA, just as a doctor sends their patients to specialists, ultimately leading to a disjointed experience.

What we, as business owners and managers, need is a seamless and comprehensive service to help us manage every aspect of our increasingly complex financial lives. We’re looking for a “problem-solver,” someone to help us quarterback our financial affairs from soup-to-nuts. We need a “personal CFO.”

There are examples out there of advisors who “get it.” One business owner in Mobile, AL recently went to an advisor with some particularly complex family and business situations. Over several meetings, the business owner and the advisor worked to create various scenarios to help address some of the problems. During the process, the advisor assembled a network that included business valuation experts and attorneys with multiple specializations. He also used real estate experts to value property that had been in the family  for 100 years. The advisor’s partner even went so far as to consult a jeweler to evaluate a particularly valuable piece of jewelry.

How often have you had this kind of an experience with an advisor? I suspect it’s more the exception than the rule.  A recent study by noted affluence researcher, Russ Alan Prince, suggested that that most advisors come across as “product pushers,” not objective consultants. Successful individuals and families need a variety of advanced financial, tax, and legal solutions and they need it to be managed through one advisor--a personal CFO. Until they find that, the dissatisfaction rates among advisors and high net worth clients will remain high.