You are placing your trust in someone to choose investments that are suited correctly for you. If they make the wrong choices, it is your money that will be lost—not theirs. If you are unhappy with results, then YOU have to take actions to correct the matters.One of the limitations of brokers or planners is the lack of flexibility in the investments they sell you. If the choice was not a good fit, it requires you to sell out of one investment and purchase another. Truth be told, it is almost impossible to assess someone's risk tolerance and make the best possible recommendation from one or two office visits.
As a private wealth manager, we assume from the beginning of our relationship with a client that we are going to have to make adjustments. We learn more about them, they will learn more about us. It is our job to manage the assets and allow for a better fit as a time goes on. We use the same principles that wealthy people demand—flexibility. When you have investments that have no sales charges, you can move within a universe of literally thousands of choices without any additional cost to you. It's like having a tailor made suit or dress that comes with free unlimited alterations!
To hear the Smart Money Radio Show segment where Bruce discusses possible pitfalls inside your portfolio, Click Here! (about 7 minutes long
To hear the full Smart Money Radio Show where Bruce discusses Private Wealth Management, Click Here! (about 25 minutes long)
