How do clients and their financial advisers build successful long-term relationships?
I’ve seen so many articles that create templates for evaluating and choosing advisers. The columns pose questions about investment performance, fees, and other financial topics. They speak to wealth management clients and tend to ignore financial advisers. Odd, because financial advisers read the same articles. The singular focus is a big problem. One-sided questions encourage stockbrokers, like me, to repeat answers we’ve delivered a thousand times. We can rattle off explanations about poor investment returns in our sleep. “We beat our index.” And the question — why did a client leave? — is a piece of cake. I once heard a stockbroker respond with a classic sales pitch, an illustration of his dogged determination to protect capital even if it cost him a relationship. “The client asked me to chase more risk than I felt prudent.” Building a long-term relationship requires a two-way dialogue. During August I’ll post a series of discussion topics, which financial advisers or their client
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- How do clients and their financial advisers build successful long-term relationships?
