is one who is prepared to give time to the client relationship. They will establish a dialogue and understand that it takes time for a client to trust their Adviser with the type of personal information that is essential when helping to formulate a plan designed to meet investment objectives.
I personally believe that Advisers can’t differentiate themselves simply by focusing on investments or the products that they sell. They can only set themselves apart with personal attention to their clients and the advice they give.
Regrettably, as an industry the banks and financial institutions have historically been part of the problem. We have allowed clients to ride good markets without preparing them for the troughs, forgetting that markets go down as well as up!
Think about it. When was the last time you reset your expectations? With the markets having generally recovered from the traumatic events of 2008 - 2009, can you honestly say that you have managed to disassociate yourself from performance and focus your attention on planning? Surely it’s better to discuss expectations when things are relatively good, rather than when they are rocky. Investors that are able to ride out a financial crisis are generally rewarded for their patience and trust in the markets (and in their Financial Adviser); but considering the significant corrections we have historically seen following long periods of growth it’s essential to remain realistic.
Time to test the Fire Drill When is the last time you did a Fire Drill with your Adviser? When did you review your portfolios and goals and ask if they were still aligned?
Are your investments allocated exactly the way they should be – with the right strategy and philosophy, or are you just watching the portfolio balance and “letting it ride”?
Have you considered what a 10%, 20%, or 30% correction would look like to your balances or your income if you are already living off the money?
Can you honestly say exactly what benefits would be provided to your family in the event of illness or death?
When did you last take a really close look at those tough questions?
Only time and hindsight will tell us what the future really holds, but the trouble is that the future will become the past before you know it. So now is the right time to have that conversation with your Adviser. Actually, yesterday was the right time but since that is gone, today will do just fine.
Telephone: 01534 860660 Email:
hcooke@pbsgroup.co Website:
www.pbsconfidential.co Address: 9 Commercial Buildings, St. Helier.
20/20 Finance & Investment
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