Develop a Policy
You'll be able to remind clients of the strategy you developed when they call you in a panic over a market flop. --Mark Willoughby
Once you understand a client's temperament a bit, you can develop a policy. The strategy will act as a compass to guide you through the periods of volatility that will inevitably arise. It should prevent you and your client from making investment decisions based on emotions driven by that short-term volatility. It is these emotion-based investment decisions that have the greatest likelihood of harming the portfolio's compound growth rate, which is what ultimately determines client wealth. You'll be able to remind clients of the strategy you developed when they call you in a panic over a market flop.
-Mark Willoughby, CFP, CFA, is a principal and senior wealth manager at Greenbaum & Orecchio in Old Tappan, N.J., in Volatility Bites
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