Every advisor has at least one. Here’s how to navigate the relationship
Maybe it’s a retired entrepreneur who calls every morning just before markets open to ask if you’re planning any trades that day. Or it could be an early-career professional who sends e-mails whenever she chats with a neighbour who seems to own nothing but winning stocks.
“People are concerned about transparency and, with some clients, that translates into a greater need to know and control what they’re holding in their portfolio.” “So, if their objective is income and not growth, then I’ll explain that we’re not going to have a bunch of technology stocks – that maybe their friend or brother-in-law owns – in their portfolio because they’re not going to get income from those particular holdings,” Ms. Keller says. “I also talk about tax implications, because we’re not just looking at the performance.”
“It’s really important to reiterate what we had agreed on originally and to confirm that we’re going to stay on that path,” he says. “My clients know this. I’m a big believer in the efficient market hypothesis, and I always joke that I would much rather be the casino than a skilled poker player who might make money now and again – as the casino still wins most of the time,” he says. “I find that analogy helps calm down a lot of clients.
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