278 | 5 Reasons Hiring A Virtual Financial Advisor Might Be Your Smartest Money Move

[00:01:43] Jen Rupp: Welcome back to Love, Your Money^®! I’m Jen.

[00:01:46] Alyssa Hause: And I’m Alyssa, and we’re here to help you make smart financial decisions and build lasting wealth. Today, we’re diving into a topic that’s changing the way people manage their money: Why You Should Hire a Virtual Financial Advisor.

[00:01:59] Jen Rupp: Yes. I remember not all that long ago when working with a financial advisor meant you were sitting in a big office across from someone in a suit, flipping through stacks and stacks of paper.

[00:02:10] Alyssa Hause: Wasn’t that the norm? But times have changed and now we know how to deliver high-quality financial advice virtually. Our team works entirely virtually with clients across four time zones, and we love it. And our clients love it too.

[00:02:25] Jen Rupp: So, if you’ve ever wondered if a virtual financial advisor is right for you, we’re here to tell you: there are no downsides—only incredible advantages.

[00:02:33] Alyssa Hause: In the past, Jen, meeting face-to-face with an advisor was the only way it seemed to build trust. But now, thanks to technology like Zoom, we can deliver the same personalized service and enhance the client experience in ways that traditional firms just can’t match. When you’re not limited by a geographic area, you can pick a firm based on your values, right? So, clients have goals and values that they want to accomplish, and you can choose an advisor who’s aligned with that so that you really get the best of the best, one who communicates with you in a way that you understand and gives you actionable advice–advice that you can take, that’s in your best interest.

[00:03:12] Jen Rupp: Exactly. There are so many reasons why working with a virtual financial advisor might be the best move you ever make. And today we’re going to talk about a few of our favorite reasons. Let’s dive in. First, let’s talk money—specifically, how working virtually helps us keep our fees reasonable and deliver the highest quality of service from some of the best advisors out there.

[00:03:35] Alyssa Hause: That’s huge. A lot of our clients live in big cities where the cost of living is really high, and if we had to maintain physical offices in each of those locations, guess what? The cost would get passed on to clients.

[00:03:47] Jen Rupp: So true. And many of our clients live in or near big cities, metropolises. They have high costs of living, so they’ve built their lives in those places. Some purchased real estate many years ago when it was affordable for them.

[00:04:01] Alyssa Hause: Yeah. And, Jen, even you and I have worked with this firm for quite a while, and we’ve seen it grow and we’re hiring and training new, up-and-coming financial advisors; associate advisors, and we get the opportunity to find these incredible, talented people from around the United States and not just in urban or metro cities. If our hiring pool was limited to people who live in just major cities, we’d be paying higher salaries and wouldn’t be able to keep our fees as reasonable as they are.

[00:04:31] Jen Rupp: Exactly. So, we have more flexibility and choice in how we build our team because hiring and training these top-tier advisors in areas where the cost of living isn’t quite so extreme helps us keep our fees fair and then still provide the same high-level expertise.

[00:04:46] Alyssa Hause: I think I might have said this before, but one of the biggest advantages of working remotely is we get the best. The clients get the best advisors, the best firm that matches with their goals. We get the best employees that we handpicked from the industry, the best of the industry. And we’re not just limited to one metro area like say the Bay Area or San Jose. When we search for an advisor, Jen, you’re in Indiana. We’ve got the best from Bend, Oregon, and Atlanta, and New Orleans. I’m in California. And as we continue to grow, we’re going to continue to expand where we hire people from.

[00:05:22] Jen Rupp: Exactly. It means you get to work with me, even though I live in the Midwest instead of in Silicon Valley.

[00:05:28] Alyssa Hause: Isn’t that the best part of working virtually? I get to work with Jen.

[00:05:31] Jen Rupp: Yes. Thanks, Alyssa. But in all seriousness, it is a massive benefit that we get to hire the best of the best and that our prospects and clients aren’t limited to advisors just in their town. So, whether they’re from a large city and they’re overwhelmed from the massive amount of advisors that are available to them, or whether they’re disappointed by the limited number of options that are available in their small town, working virtually, you don’t have those overwhelms or disappointments.

[00:06:02] Alyssa Hause: No. And I think many people find in small towns that a financial advisor that they look for locally is associated with a specific bank or a specific insurance company, and that usually means that they’re not fiduciaries.

[00:06:16] Jen Rupp: Exactly. If you’re calling XYZ firm and they want you to invest in XYZ funds and buy XYZ insurance products, that’s a sure sign that they’re earning commissions for selling products and that those are things being pushed by their company, their bank, or insurance company. And so, they’re not fiduciaries usually in that environment.

[00:06:39] Alyssa Hause: Right. They’re selling you a product that’s related to whom they work for. And on the other hand, here in our firm at Hendershott Wealth Management, we’re fee-only fiduciary advisors. That means that we take an oath, our regulators hold us to putting the interests of our clients first at all times, not our interests, but the interests of our clients first on all their accounts and all of our interactions with them. We’re never paid on commission. We never have been. We don’t have hidden costs that catch our clients off guard.

[00:07:10] Jen Rupp: Exactly. And as fee-only advisors, we don’t have the conflicts of interest of outside forces or relationships with other professionals or institutions that are impacting a transaction with you. So, we have no products to sell you. We simply earn our fee from you to give you the best advice we know how to give, no matter where you live, as long as it’s in the United States.

[00:07:32] Alyssa Hause: Yeah. So, reasonable fees and high-quality service. And if that isn’t enough of a reason to love working virtually with a financial advisor, we should talk about another thing that our clients love. Scheduling with us is super easy. We send out a link and there’s no back-and-forth emails or phone calls to find a time that works. Clients get to schedule, reschedule, change, update, all virtually.

[00:07:55] Jen Rupp: All without talking to anyone. Isn’t that the dream for some of us? I don’t have to make that phone call. I don’t want to go back and forth trying to schedule. I just want to make it. You can book your call at 11 p.m. when the office is closed. So, we’re a pretty tech-forward, process-driven firm when it comes to client management because we know how valuable your time and our time is. And no one wants to waste that precious time playing a game of scheduling phone tag. So, when it’s time for a meeting, we send you a link where you book directly on your advisor’s calendar. And like Alyssa said, if you need to reschedule, you just click a button.

[00:08:31] Alyssa Hause: And sometimes I tell my husband, “I think you’re allergic to phone calls.” Doesn’t like making phone calls to schedule things. Just a couple of clicks, yeah. Text me. Don’t call me. In fact, I also really like that we don’t have to commute in traffic. Clients don’t have to commute in traffic or struggle to find parking. So many times we used to have to send clients like step-by-step instructions how to get to the parking garage, how to get into the office from there. You can enjoy your cup of tea, your comfortable slippers in the comfort of your own home as we talk about financial goals, financial planning, the process.

[00:09:05] Jen Rupp: I find that conversations flow easier when I get to wear my comfortable clothes and my comfortable shoes and sit in my chair that I’m most comfortable in. And while it might be spring at the time of this episode that’s airing, I know I appreciate not being exposed to the myriad of illnesses all winter by being in an office. We get enough of those from our kids being in school.

[00:09:29] Alyssa Hause: And let’s talk about another major perk of working with a virtual advisor. This is one not to be taken lightly, but security. Everyone is kind of aware of and heard of a lot of different security breaches and incidents, but really when we’re virtual, we’re paperless. Your sensitive documents aren’t sitting on a desk or in a trashcan or in a dumpster, but they are secure and safe.

[00:09:51] Jen Rupp: Identity theft is a real concern and old-school paperwork just isn’t the safest way to handle financial documents anymore. Again, we are a very process-driven firm at HWM and we have to be, to be working virtually. So, everything shared between our clients and us is stored securely, encrypted, and accessible only to them and us.

[00:10:12] Alyssa Hause: Yeah, smart way to do business. And there’s no piles of paperwork to keep track of or files buried under someone else’s desk. That’s a good way to go.

[00:10:21] Jen Rupp: I remember when I did work in an office, having to track down a file that I couldn’t find in the filing cabinet, and it was on someone’s desk, and you had to kind of run around the office trying to find the things you need. I appreciate being paperless at this point. Another thing, and while this might not seem directly related to security, but if there’s a regional event like an internet outage or a weather event, it doesn’t cause our operations to close because we’re spread out across the country. So, it’s almost like a geographic diversification of your support system.

[00:10:55] Alyssa Hause: It feels like we’re seeing more and more of those events from fires in Southern California here, recent fires, and obviously, there’s been other natural disasters, but working virtually means that our services are uninterrupted virtually. And that kind of leads me to the next point. One of the bigger advantages of working with a virtual advisor is when life takes you somewhere else, somewhere different geographically, you don’t have to start over with a new firm or a new relationship.

[00:11:20] Jen Rupp: We’ve had so many clients move, whether for a new job, retirement, or just a change of scenery. But their financial planning with us doesn’t miss a beat, and that kind of continuity is invaluable. We already know your financial history, your goals, and your long-term plans, so there’s no need to start fresh with someone new just because you’ve moved to a different state.

[00:11:39] Alyssa Hause: We’ve had clients move and we’ve had advisors move locations as well. And we don’t have to rehire or change our business processes, but it’s really been seamless. And those relationships that are built over years with clients are really advantageous. So, we get to know a client’s goals. We get to evolve with them over time as they change, as things change in their life. And that relationship doesn’t have to change if a client retires and goes to a different state, right?

[00:12:07] Jen Rupp: Exactly.

[00:12:08] Alyssa Hause: Yeah, so that’s huge. We’re here with clients for the long haul, and virtual advising makes it possible to support our clients no matter where life takes them. They never have to start over if they relocate.

[00:12:21] Jen Rupp: Okay. We’ve covered a few of the benefits that come from working with a virtual advisor. I want to dig into one of the biggest myths about virtual advising, and that is the idea that it lacks the personal touch of in-person meetings.

[00:12:34] Alyssa Hause: We do hear that sometimes. And I think a lot of people remember when financial advising used to be that you sit in a big office across a mahogany desk, shaking hands with someone, looking at piles of paperwork in a leather binder, coffee in hand. And while that used to be the norm, it doesn’t mean it’s the best way to build a real connection or relationship over time.

[00:12:57] Jen Rupp: Exactly. The truth is meaningful relationships aren’t built on whether or not we’re in the same room. They’re built on trust, communication, and consistency. And those are things that we deliver just as effectively in a virtual setting. And you can still have your coffee.

[00:13:12] Alyssa Hause: Yeah, and in a lot of ways we can connect more deeply with clients because we work virtually. I mean, if you think about it, you get to meet your advisor online, but in your own space, in your own home or office, not feeling rushed to beat traffic or squeezing in an appointment between everything else that’s going on in your life. But you get to take a moment to really focus on your financial goals and communicate those clearly to your advisors so that they can support you in achieving those and using your money as a tool to achieve those goals that are most important to you.

[00:13:44] Jen Rupp: One of the things I like is we get a little window into our clients’ real lives. So, instead of sitting across from them in our office setting, we meet them where they’re most comfortable, in their kitchen, in their home office. Sometimes there’s a pet, a cat walking across their computer screen, or a toddler in the background making a surprise appearance, which is always fun.

[00:14:06] Alyssa Hause: The cats always like to walk right in front of the camera though, so they’re right here going across the screen. And I have one client that I love to meet with because when she sits at her dining room table, the squirrels run across the fence behind her. It’s fun to watch. And I think that that kind of setting really fosters a more natural open conversation about money, money and goals. And it’s not just about the numbers, it’s about how your financial plan supports your lifestyle, your family, your dreams, what’s changing in your life.

[00:14:33] Jen Rupp: Let’s not forget about because we work virtually, we actually have more time to focus on what truly matters, which is our clients’ financial success.

[00:14:44] Alyssa Hause: And I think I said it before. We have the best employees from across the country, but we have the best clients from across the country as well. We get to work with some really amazing people that, if we were limited in geographical scope, wouldn’t be working with us, which is sad.

[00:14:59] Jen Rupp: And because of that, we’re able to bring in diverse perspective and experiences because of what they’re experiencing and the financial planning concerns that they have. And then we can apply those best practices and experiences to more of our clients, right? We have a wider range of financial situations that we’re exposed to that we are helping solve. And that only makes us better for our current and future clients.

[00:15:22] Alyssa Hause: That’s a great point. And like we said earlier, life takes you somewhere new, whether you’re relocating for work, retiring to a different state, or traveling a lot. We have some people who travel to different states, different times of the year, you don’t want to start a new relationship with a new advisor. Our relationship stays strong no matter where life takes you.

[00:15:41] Jen Rupp: And that’s that continuity, which is huge to a relationship. Your long-term financial success isn’t built in a single meeting, it comes from years of strategic planning, adjustments, and ongoing guidance. So, having an advisor who’s been with you from the start and understands your full financial journey is invaluable.

[00:16:00] Alyssa Hause: Absolutely. And don’t just take my word for it or Jen’s word for it, but our client testimonials say it too. I think my favorite piece of feedback that I’ve gotten from a client who’s working with us still today, is that it helped save her marriage because they stopped fighting about money. There’s a massive benefit that extends to clear and concise goals, having a plan to work for and it extends beyond just that net worth number, but to peace of mind and living.

[00:16:30] Jen Rupp: Exactly. Yeah, I love that one too. We have the best clients, and I know that they love the accessibility and flexibility that we’re able to offer, and most of all, the real relationships that we build with them.

[00:16:42] Alyssa Hause: Love it. And the bottom line is that virtual advising doesn’t mean sacrificing connection. It actually means deeper connection by gaining more time, more flexibility, and a relationship that meets you where you are and grows with you.

[00:16:57] Jen Rupp: Before we sign off here, I want to talk about one more thing that isn’t exclusive to working with virtual advisors, but it’s worth touching on because it’s very relevant to choosing an advisor and something we get asked all the time. And that is, “What am I actually getting when I pay for financial advice?”

[00:17:13] Alyssa Hause: Right, and that is a fair question. A good financial advisor, virtual or not, should bring a ton of value to the table, not just in managing investments, but in crafting a full financial strategy that supports your life’s goals.

[00:17:25] Jen Rupp: Exactly. We provide advice to our clients on anything that touches their money. With a virtual advisor, you’re still getting that same high level of expertise, but in a way that’s more accessible, flexible, and let’s be honest, it’s way more convenient.

[00:17:39] Alyssa Hause: In terms of what you get when you pay to work with a financial advisor, I mean, I can’t speak for other firms, but when you work with our team, with Jen or Alyssa or one of our advisors, you’re getting far more than investment management. You get evidence-based, real-time, actionable advice based on your specific goals. It comes from a trusted advisory relationship, someone who knows you personally and understands your financial picture inside and out.

[00:18:06] Jen Rupp: And really, you’re not just getting one advisor with us, you’re getting a whole team of experts collaborating, reviewing your financial plan, and anticipating your needs. Plus, you get the benefit of direct hassle-free access because there are no phone trees, no waiting on hold, and no bouncing between departments. When you need us, you reach a real person who knows you by name, understands your goals, and is ready to help. And because our relationships are built on long-term trust, we’re not just focused on today. We’re planning for the next 5, 10, 20 years and beyond.

[00:18:39] Alyssa Hause: One of the best parts of our job is that we get to grow with our clients, get to know them, what’s changing in their life, create an individualized financial plan that’s built just for them. Every client situation is unique, which is why we take a deep dive into things like income and assets, lifestyle, goals. We talk about goals over and over again, once annually, once- constantly, “What is changing? How are you feeling about this? Is this still your most important goal?” so that we can make a customized strategy. Whether you’re wondering if you’re on track for retirement, planning for college, thinking about a business, we make sure your money is working for you in the smartest way possible.

[00:19:18] Jen Rupp: And built into those plans is a thoughtful long-term investment strategy because investments are not one size fits all. So, we tailor your portfolio to your risk tolerance, your time horizon, and your financial objectives. And because we’re fiduciaries, we’re legally required to act in your best interest. Alyssa said that earlier. So, we have no hidden agendas, just smart investment decisions designed to help you build wealth.

[00:19:40] Alyssa Hause: And everything at Hendershott Wealth is upfront and transparent, laid out on our website. You always know exactly what you’re paying for, with no commissions or unnecessary costs that are eating into your wealth.

[00:19:52] Jen Rupp: Absolutely. And on the subject of full transparency, one of my favorite parts of working virtually is how easy it is to see your entire financial picture in one place. So, you have everything consolidated digitally, so you always know where you stand, whether it’s your investments, your retirement savings, or your cash flow.

[00:20:10] Alyssa Hause: Yeah, getting to see your whole net worth in one place, I don’t think a lot of people realize that they have assets here and there and there, and we can kind of give them a unified view of that so that as we look at retirement projections, we’re looking at that holistically. And it’s important because wealth management isn’t a passive, “set it and forget it” situation. We’re regularly reviewing our portfolios to make sure it stays aligned with our clients’ goals and if anything needs to be adjusted, whether due to market shifts or changes in our clients’ lives, we make those recommendations promptly and in a way that they can take action on.

[00:20:46] Jen Rupp: We don’t do one-time financial plans because we’ve learned that financial needs evolve over time. And once you deliver that financial plan, it’s almost like it’s already out of date by the time we’re delivering it because things have already changed in your financial life. So, it’s an ever-changing thing and that’s why we have ongoing relationships with people so that we can partner with them during those changes and help them plan for them. So, what you need in your 30s is going to be completely different from what you’re going to need financial planning-wise in your 50s or your 70s.

[00:20:15] And so, we create plans that grow with you, whether you’re saving for your dream home, planning for your retirement, thinking about a wealth transfer, if you’ve had someone pass away in your life and you’re inheriting money. I mean, there are so many things that come up with our clients that they didn’t even anticipate needing planning for when we met with them last time that have come up that we need to pivot their plan and make adjustments to it.

[00:20:37] I think our listeners can tell that we truly do love our jobs now that we’ve waxed poetic about it for the last 20 minutes. So, if you’re looking for a financial partner who is 100% committed to your best interests and who makes managing your money simpler, safer, and more convenient, let’s connect.

[00:21:54] Alyssa Hause: Yeah, visit HendershottWealth.com/contact to schedule a consultation and experience the future of financial advising.

[00:22:04] Jen Rupp: Thanks for listening to Love, Your Money®! If you enjoyed today’s episode, be sure to subscribe and leave us a review.

[00:22:09] Alyssa Hause: And remember, building wealth is about making smart, informed decisions and sometimes that means choosing a new way to work with your financial advisor.

[00:22:18] Jen Rupp: We’ll see you next time!