recentpopularlog in

jerryking : anticipation   3

Four qualities the wealthy look for when seeking out advisers - The Globe and Mail
| SPECIAL TO THE GLOBE AND MAIL | ANDREW MARSH, Andrew Marsh is president and chief executive officer of independent wealth-management firm Richardson GMP Ltd.

6 HOURS AGO

They look for these four essential qualities in their advisers – and you should, too:

Ability to challenge assumptions

There's a common misconception that wealthy people seek out "yes men" who simply agree with their opinions. Not in my experience. HNW investors value professionals who challenge assumptions and push back (hard) on long-held client beliefs – someone who isn't afraid to ask pointed, difficult questions about risk.

This kind of valued, trusted, sometimes contrary second opinion is a big reason why HNW investors work with professionals in the first place.

Belief in 'road maps'

Risk is often a reactive experience: It becomes an issue only when "stuff happens." That's not the way HNW investors think about it.

Instead, they're looking for advisers who can create a "risk road map" that anticipates the "stuff" that might come up, and outlines an appropriate asset allocation. The ultimate goal is to optimize the portfolio and align it with the risk needed to achieve specific financial goals – why aim for 12-per-cent returns if 7 per cent is all you need?

A 'wise counsellor'

Financial planner, portfolio manager, coach, confidant – advisers take on many roles with their clients. But the one that matters most to HNW individuals is that of counsellor: the calm voice of reason in times of uncertainty.

The best advisers I know have an extraordinary ability to be the "cool hand" when market noise is at its peak. They talk clients through anxieties and worries, and hold clients to long-term plans when the temptation to deviate arises (such as right now).

Understands the limits

Finally, great advisers understand their clients' risk limits. They ask clients difficult questions about risk tolerance, and they probe clients constantly to understand the boundaries of their financial comfort.

Great advisers work hard to ensure the advice they're giving to clients aligns with the information they're getting from clients – both the words and the unarticulated feelings behind those words. They understand that the best way to manage risk is to never allow their client to be in a situation that feels risky.
advice  anticipation  asset_allocation  assumptions  contrarians  financial_advisors  high_net_worth  investment_advice  risk-tolerance  roadmaps  unarticulated_desires  uncertainty  wisdom 
august 2017 by jerryking
Managing Yourself: How to Save Good Ideas
September 2010 | - Harvard Business Review | An Interview with
John P. Kotter by Jeff Kehoe. Why do so many good ideas generated by
well-intentioned, talented people fail? Because the audience is
comprised of human beings with anxieties, contrary opinions, and a
constant fear of losing face....large-scale organizational change
requires helping people to communicate, bringing them around to support
your vision, your strategy, your plan—and, in a smaller sense, just your
idea. It's an important element and we’re not very good at it. Getting
buy-in for good ideas is a basic human issue; it’s a life
skill....Kotter & Whitehead, suggest in their new book, Buy-In:
Saving Your Good Idea from Getting Shot Down, a counterintuitive
approach to gaining support: “inviting in the lions” to critique the
idea....anticipate being attacked when presenting a new idea, respond
with respectful using very short, simple, clear, communications filled
with common sense.
anticipation  backlash  buy-in  Communicating_&_Connecting  failure  HBR  howto  human_factor  human_frailties  ideas  implementation  John_Kotter  large-scale  life_skills  Managing_Your_Career  obstacles  organizational_change  persuasion  pitches  resistance 
september 2010 by jerryking

Copy this bookmark:





to read