I had an opportunity recently to talk shop with many of the industry’s top advisors. One of those, Reston, VA-based Rick Clark of Clark & Associates Inc. was kind enough to answer five questions that the editorial team at Senior Market Advisor has been kicking around..
1) Have you changed the way you do business, or do you have plans to make changes in light of regulatory changes? We have definitely made changes in the way we do business in the light of regulatory changes. We recognize that the only thing that’s constant in this world is change. Keeping up with regulations is a part of this job, and one that my office continues to do fairly well. The regulatory changes are in the best interest of the most important person, the client. If these changes protect more people from being ripped off, scammed, and Ponzi-schemed then I am all for them.
2) In what key way (or ways) do you incorporate suitability into your selling approach? Suitability is the key word in every presentation. The word ‘why’ is the key word in every presentation as well. Why the client wishes to do what they do? Why does the client invest the way they do? And, lastly, why it has become necessary to change? We educate clients and have them understand that the way of the 90s does not work. Financial experts have coined this the “lost decade.” It is essential for our practice to educate our clients about the new normal. To educate them that this new normal must be adapted to, in order for their hard earned assets to survive and to thrive.