When managing client expectations, it is important to establish where they are currently in their financial situation, what their experience has been when it comes to investing and what they are looking to achieve going forward. The key is communication not just as you establish your initial rapport but on an ongoing basis and scheduling yearly reviews along with seminars relevant to the advice provided and the strategy under pinning their investment portfolio. By doing so you continue to address their expectations in a pro-active fashion that also provides them with an opportunity to approach you directly to arrange a more formal review.
As a client it is important for you to establish the basis upon which your financial advisor provides advice and how the advisor handles your expectations in relation to the structure upon which your portfolio is designed. In many ways the relationship you create with your advisor is similar to that of a Dutch Uncle from whom you get direct, frank answers to educate and inform and in some ways like a father confessor to whom you confide your personal situation and in this case more specifically your financial situation. Your advisor guides you through a process that creates a foundation from which your financial situation can be structured into a strategy that reflects your needs and addresses your expectations. By continuing to attend seminars and schedule regular meeting with your advisor you continue to build upon what you can expect to achieve with your portfolio.
In many ways the video on the “4 Guarantees” included with in this website outlines some of the challenge’s clients can face and touches upon how a financial adviser can assist when it comes to managing expectations.
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