- Customized Investment Philosophy: Advisors must determine a client's Safety Concern Index (SCI) (a scale of 1-10) to align the investment strategy with their true risk tolerance, resisting the urge to push clients into riskier positions than they are comfortable with.
- The Power of Comprehensive Service: True financial planning is a tailored, two-hour process that encompasses all elements of a client's financial life, including tax planning, estate planning, and healthcare, not just investment management.
- Non-Negotiable Transparency: Clients must demand total clarity on all associated costs (advisors' fees, custodian fees, and mutual fund expenses) and avoid advisors who perform the "verbal dance" or push costly, complex products like structured notes which lack adequate downside protection.
- Trust and Communication are Paramount: An advisor must act as a fiduciary, always putting the client's interests first. Effective communication requires the advisor to listen twice as much as they talk and maintain contact with clients, especially during periods of market volatility.
- Red Flags to Watch Out For: A major warning sign is an advisor who immediately pushes specific products (like structured notes) instead of focusing on a personalized strategy, or pressures a client to make an immediate, on-the-spot decision.
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