What advise do you have for Advisors being a fiduciary?
What best advice would you give advisors in how best to work with clients in a fiduciary manner?
- All human beings have a financial personality which includes emotions that can erupt both positively and negatively when dealing with money. These emotions can manifest as over exuberance or fear.
- Both client and advisor need to understand the behavioral responses driving decision making.
- Without this mutual insight, every outcome of the financial planning process becomes a potential complaint.
- Identifying each person's financial personality regarding how that drives decision making, will reduce costly complaints.