Bill Smith‘s book “The Happy Advisor,” is full of fresh approaches to overcoming challenges in the financial advisory industry. Below are his five reasons why clients need you as their advisor.
1. There’s no one like you. They could pick from many other full-service advisors, but they need you because you are honest and looking out for their best interest.
2. Third parties can be deadly to portfolios. Counteract third-party erroneous advice right away by having a few counter arguments ready. Let’s say a client’s neighbor is pressuring him or her to invest in some great new fund. Ask, “Did Mrs. Smith mention which investment licenses she has? Did she say what responsibility she is willing to take for this advice?”
3. You do more than count Morningstar stars. You have the judgment required to not get voted off the financial advisors’ island. You have courage to tell them not to buy into a certain investment. You have the guts to stand up for your recommendations.