How would you define the “ideal client-advisor relationship”?
I like to use the “ideal spouse” analogy, applied to financial markets.
An “ideal spouse” is one that, by definition, never breaks his vows. Here is an example of a traditional formula:
“I, Mr. Y, take you, Ms. X, to be my wife. I promise to be true to you in good times and in bad, in sickness and in health. I will love you and honour you all the days of my life.”
Well, we can easily apply this to a financial context… After all, just like client-advisor relationships, marriages are contracts after all.
“I, Mr. Financial Advisor Y, take you, Ms. X, to be my client. I promise to be true to you in Bull and Bear markets, in Busts and in Booms. I will make you financially independent and honour you all the days of my life.”
[Note that, traditionally, couples wedding make the same “pledge” to one another. So, let us not forget that clients also play an active role in the process. A process in which “trust” becomes of utmost importance].
“I, Mr. Client Y, take you, Ms. X, to be my financial advisor. I promise to be true to you in Bull and Bear markets, in Busts and in Booms. I will trust you and honour you all the days of my life.”
Similar to the quest for a “soul mate”, investors need to realise something: finding the financial advisor that is right for you is a truly hard task. But do not despair … despite having to go through an initial “trial and error” approach (with some potential nasty “breakups”), you will eventually find the one that makes you happy, with whom you would want to save the rest of your money with.
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(Yes, this is indeed the term we coined for our loyal readers… Oh and yes, we are Star Wars fans).