David Urovsky Encourages Active Collaboration with Financial Advisors

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A new report indicates that many investors fail to give active instruction or offer collaboration to their financial advisors—something that can ultimately prove detrimental. Financial planner David Urovsky responds by urging investors to play a more active role in their wealth management.

The role of the expert looms large over many facets of our society. By and large, consumers are content to pay money to those who are professional and authoritative, then to let them simply do as they see fit. For example, consumers might hire a plumber to repair leaky pipes and then simply trust that the plumber is doing the best possible job, never stopping to offer him advice or instruction along the way. While this behavior may make sense with plumbers and repairmen, however, a new report from Financial Post argues that it really does not make sense with financial planners. The report notes that investors tend to fare the best when they actively collaborate with their advisors, a conclusion that has won the support of financial professionals like David Urovsky, who offers his support of the article in a new press statement.

The Financial Post article makes clear the role that many investors expect their advisors to play. Typically, the article says, a client will provide the financial planner with a set financial objective, and then expect him or her to simply reach that goal. The financial planner is also expected to periodically review the portfolio and offer updates along the way, but there is little room for active collaboration between planner and investor.

But while this approach leads some investors to financial success, the article suggests that it can just as often lead to poor decisions. Investors are frequently willing to accept “cookie cutter portfolios,” the article says, and fail to consider all possible paths to financial security.

Meanwhile, more and more financial advisors are encouraging their clients to play a more active, collaborative role in the long-term planning process. David Urovsky says the Financial Post article highlights an important new dynamic in the investor-advisor relationship. “The most successful clients are the ones that work in partnership with their advisor,” confirms David Urovsky. “Every client has different goals and objectives. By partnering with the advisor instead of blindly following his or her advice, the client is involved in the plan, and will get the best results.”

The Financial Post article offers an extension of Urovsky’s argument. The article suggests that many advisors actually offer better financial advice when they are routinely challenged by their clients. When their “feet are held to the fire,” the article contends, advisors are forced to defend their positions, and this ultimately leads to the most thought-out and well-executed investment strategies.

The article goes even further to say that investors should not stay with advisors who do not take their input seriously. Advisors who either ignore their clients, or “talk down” to them, are ultimately less likely to provide helpful financial guidance and long-term wealth management strategies. David Urovsky concludes his own statement by agreeing with the Post report, simply noting that, while advisors all have different methodologies, a willingness to collaborate is utterly essential.


David Urovsky is a financial advisor with years of experience helping clients manage their wealth and meet their long-term financial goals. He lives and works in Maryland.

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Michael McGarety
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