Educate your client
Educating accountholders about financial planning fundamentals can not only improve client loyalty, but also increase your book of business. When somebody is well-informed, you really create more of a partnership, where you act as a guide. -Candace Bahr, registered principal for Bahr Investment Group, an LPL affiliate in Carlsbad, CA.
Educating accountholders about financial planning fundamentals can not only improve client loyalty, but also increase your book of business. From a practical standpoint, if a client doesn’t know the difference between securities and fixed income investments, you end up spend a lot of time at each meeting explaining the rationale for your recommendations, notes Candace Bahr, Managing Partner of Bahr Investment Group in San Diego, California. Conversely, a knowledgeable client speaks your same language and can collaborate with you on putting together a sound financial plan. “When somebody is well-informed, you really create more of a partnership, where you act as a guide,” says Bahr, whose two-person practice has $100 million in assets under management. The client understands that he or she has a role to play in the decision-making and shares responsibility for the ultimate success of their portfolio.
-Candace Bahr, Managing Partner, Bahr Investment Group, in Five Strategies for Educating Your Client
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