In the latest Financial Professional Outlook report, 55% of advisors said that “maintaining perspective” is their most valuable service. Interestingly enough, when asked by clients what they see as the advisor’s most valuable service – there is disparity.
From the clients’ perspective, they see the advisor’s most valuable service as “protecting their principal and planning for the distribution of those assets to maximize cash flow during retirement.” in the report. Overall, the report outlines the disparity between advisor respondents and their clients.
In an article written and published by Family Wealth Report, Mr. Phil Rogerson, Managing Director for Consulting and Product Development for Russell Investment, states that “Advisors are constantly trying to strike a balance with their clients and this isn’t an easy feat, especially in the current volatile environment.”
As advisors, we are stewards to our clients and our clients’ wealth. The only perspective that matters is theirs and we are to do everything in our power – utilizing all of our capabilities – to meet their life-long objectives and their perspectives. Protecting principal and planning for the distribution of those assets is not just a strategic or tactical initiative for an advisor, but in this case, the client is communicating a “goal”, a “vision” and an “expectation” that the advisor must meet.
It is true that advisors (as well as clients) will have different perspectives on the tactics used to accomplish their clients’ life-long objectives, their vision of success and their goals.
Money is an enabler. As advisors, our chief job is to enable the things that are most important in our clients’ life by utilizing our skills and talents to accomplish their vision of success and goals. When our egos get too big to recognize that we are simply “stewards” to our clients, it is time to step down as advisors.
The only perspective that matters relative to our most valuable service is that of the client. In closing, we must align to those perspectives and then we must use our talents to get that money to enable the most important aspects of our clients’ lives. Obviously, this is always easier said than done, (as Mr. Rogerson alludes to above), but that is where the real skill comes in for advisors because the truly talented advisors, strike a balance between life and wealth.
