Wealth Management for the “Real World”
What many classrooms and articles fail to mention, is how much client psychology and emotions play on making major financial decisions. This is referred to as Behavioral Finance. Unfortunately, to keep clients happy, sometimes irrational decisions which may not be perceived as the “best” strategy need to be implemented so the investor can sleep at night!
The most important part about developing relationships with clients is that we listen to our clients and their needs, and we do not go into meetings with pre-conceived notions. I realize this sounds like a cliché, but it is true. Every client’s situation is unique. What I love about my job is listening to my clients and helping them meet their financial goals. Our wealth management process is a living breathing interactive tool. It is not a one-size fits all process, and we do not focus on huge comprehensive plans that are obsolete the moment they are printed. As a wealth advisor, part of my job also involves managing my clients’ emotions. As I always say, “Life gets in the way!”
Joe Carbone, Jr.
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About the Author: Joseph Carbone, Jr.