I want you to be my client, but do you need me?
As an Investment Consultant I look to bring new clients to our firm in order to help them manage their portfolios and reach their investment goals. Whether I’m writing this column, speaking at a seminar, or asking existing clients for a referral, I’m saying “I Want You!” Last week, I received a very direct response from (I’m happy to say) a new client – which is best summed up as “But Why Do I Need You?” It is a very fair question.
Let’s start with what you don’t need me for: You don’t need me to tell you that you should save more and spend less. Unless your name is Trump, it’s almost a universal truth. You don’t need me to tell you that you are a moderate or growth oriented investor; you already know that too. And you certainly don’t need me to pontificate on the future of our economy or direction of the stock market. There are plenty of talking-heads on CNBC and countless blogs that will fill your appetite for commentary.
Here is what you do need me for. You need me to keep you from following the herd – from becoming too comfortable and perhaps too aggressive when markets are at their all-time highs. You need me to keep you calm and ensure that you don’t panic when some politician says something incredibly stupid or politicians as a whole cause the next government driven crisis. Most importantly, you need me to watch out for you – to be your trusted advisor – to be the calming voice that has your best interest at heart. You need me because of the importance of hiring a good money manager who accepted the duty to use his skills and experience to navigate various market and economic cycles on your behalf. After all, performance matters, but it doesn’t come close to knowing that your advisor only has your best interest in mind.
Christopher Hanly is an investment consultant with Gary Goldberg Financial Services in Suffern and can be reached at (845) 368-2900 ext. 247 or firstname.lastname@example.org.