One of the most valuable services a wealth manager can do for a client is to say, “No, that is a bad idea.”
Telling a client that they are making a mistake risks the client relationship, but being a fiduciary makes it necessary. The advisor should only proceed if, after having told the client all of the information, the client still wants to make the mistake. You want a financial advisor who cares enough to talk you down off the ledge of bailing out of the markets or chasing short-term returns.
This series of articles covers some of the most common investing mistakes and how to avoid them.
There can be great value in the sage advice of a fee-only fiduciary advisor. Even if they brought no value for their investment management, they could still bring great value for their help in comprehensive wealth management. While a competent … Read More
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