Senior Market Advisor recently contacted some top advisors to figure out how they’re working an ethical approach into their sales strategy. Below, we’ve included some highlights from the responses we received.
Suitability is paramount. I make sure a client is able to separate “R” money (Reserve) from “DNN” money (actual investment capital) to make sure they identify liquidity needs. I then help them to determine their risk tolerance so I know how much of their investment capital should be safe versus having market risk.
–Mark Sorensen, Sorensen Tax Advisory Group
As a fiduciary, I utilize a five-step process when working with potential new clients; I do not ask for business until the third meeting, and I do not present a detailed investment plan until the fourth meeting. This gives me ample time to truly get to know the client and their goals and concerns, and thus be certain of the suitability of my recommendations.
–Jim Brogan, Brogan Financial