Advisors have many tools to better guide their clients’ ﬁnancial outcomes. But which ones are overlooked all too often? We asked some of our team, and their answers may help guide you toward success.
Our tendency is to look for products to manage our clients’ wealth. But the greatest tool we all have is our minds and our grit. We can help clients become more resilient by developing the mindset that tough times are coming, and they’re going to have a plan to make it through them. We can give them the ability to make informed and level-headed decisions that will serve them well for decades to come. When managing your wealth, your behavior and attitude will play a big role in determining the outcome, which is why advisors are part behavioral coach and part financial planner.
Managing Director/Wealth Advisor
Beverly Hills, CA
We do the planning, but the execution phase often is overlooked—implementing the action items that are part of a successful financial plan. I review the priorities with my clients. Together we’ll set a goal for when we want to accomplish each item identified and add it to our priority checklist. It becomes our working document and a gentle reminder of our goals and timeframes. It also allows the clients to reﬂect upon all the progress we’ve made by working together. By truly executing on the priorities that could potentially raise a red ﬂ ag or hinder their success, that is where we differentiate ourselves.
Senior Vice President/Wealth Advisor
Listening. It sounds so simple, but it’s not something that’s always functionally there. As individuals, clients make assumptions. As advisors, we also make assumptions. But you can only truly assist someone in managing their wealth if you understand where they’re coming from—what they’re doing and why they want to do it. That means really listening to clients and learning what’s important to them.
Senior Managing Director/Financial Advisor