Pittsburgh Financial Group CEO Andrew Pravlik on What Makes a Great Financial Advisor

Saving for retirement is a major financial goal for most Americans, and working with a financial advisor can significantly increase your nest egg for your golden years. But only an estimated 23-33% of Americans have a written financial plan that maps out savings and investments, leaving the majority to “wing it” when it comes to money management in their later years.

Investment professional Andrew Pravlik, who was recently named CEO, President, and Managing Partner at Pittsburgh Financial Group, has spent nearly 30 years helping his clients create solid retirement plans. His reputation amongst his clients is so positive that he is often referred to their family members and he is trusted to advise multiple generations. A great reputation is one thing you always want a financial advisor to have when you’re seeking one to work with.

Based in Pittsburgh, Pravlik is helping to expand the reach of his firm through its subsidiary, Seattle Financial Group, as well as launching a radio show on investing for retirement in both markets. Under his leadership, both firms are enjoying rapid client and asset growth.

When it comes to selecting a financial advisor to work with on your most important investment goals, there are certain qualities that set some individuals apart from the rest. Like Pravlik, you’ll want them to be fully licensed in life, annuities, fixed index annuities, and long-term care insurance, as well as having earned their Series 7, 63, and 66 securities licenses and the Securities Industry Essentials® (SIE®) Certification.

But it takes more than certifications to make a financial advisor one of the best. In addition to a great reputation, what should you be looking for?

1. Persistence

It’s common knowledge that you won’t get too far in life if you’re prone to giving up. And when it comes to your hard-earned money, you want an investment professional who won’t give up either. Whether it’s working to earn your business, or working to grow your returns, persistence is key. Pravlik is quick to identify his persistence as critical to his long-term success.

“Three years ago, my partner Gina and I were working on a big deal, one of our biggest ever, but it was beset by one problem after another,” he recalls. “It seemed that we were destined not to get the account, and we didn’t at first, but it was through our persistence, change of tactics and strategy, and our ability to work together that turned what started as a failure, into a success. Since that time we have used this as a learning experience and often reflect on it when we encounter adversity.”

2. Decisiveness

Once you have all of the information that you need to make an informed decision, it’s time to go ahead and make one. Pravlik makes sure to analyze data and assess the risk associated with change before making big decisions but is able to make up his mind.

“It is important to have a process, but also I have found in my experience, being proactive is always more desirable than reactive,” he says. “Look at your objectives, and all alternatives, and consider the best possible outcomes. In almost all decision making, there will be trade-offs, uncertainty, and risk and yes, luck – but it is best to act; fortune often favors the bold.”

3. Constantly Learning

The financial industry is constantly changing, and a worthwhile financial advisor will track trends to help determine how to best invest your money.

“I frequently meet with and speak with industry leaders and investment professionals to keep in touch with the constantly shifting economic, political, and monetary environment,” Pravlik says.

In addition to staying on top of industry trends and changes, Pravlik continues to learn and absorb on a daily basis and encourages others to as well.

“I read The Economist, Wall Street Journal Daily, Financial Times, Kiplinger, and Bloomberg,” he says of his daily reading. “Information and world knowledge are still vital and being well-versed and educated is of utmost importance.  Even in this day and age of being able to google and have facts at your fingertips, nothing beats having learned and taken in something and being able to remember it, truly a lost art.”

Stay the Course

Once you find a great financial advisor that you enjoy working with, remember that saving for retirement is a long-term goal. One of the biggest mistakes made when investing money is focusing on the short-term, but short-term volatility is not an indication of your long-term success.

Rather than micromanage the investments set up by your advisor, stay focused on creating a savings plan, sticking to it, and knowing your retirement needs. As a general rule, it is recommended that you have 10-12 times your annual income at retirement age put away. For someone making $150,000 per year, you should look to have $1.5 – $1.8 million saved for your golden years.

Pravlik also reminds his clients “that health and happiness is true wealth, and that time on this earth is the most precious commodity.” So don’t become so caught up in saving for retirement that you miss out on all of the things that make life enjoyable for you. Another general rule in retirement saving is that anything over 20% of your income requires too many sacrifices early in your life when you might enjoy spending the money more.

So find a financial advisor, make a plan, and stick to it – but have a little fun, too.

Disclaimer

https://www.finra.org/compliance-tools/rule-2210-brokercheck

Registered Representative of World Capital Brokerage, Inc., Investment Advisory Representative of World Capital Brokerage Advisory Services, 888-742-0631, Member FINRA/SIPC, custodial services through BNY Mellon-Pershing