For years, I’ve had a reputation of speaking at financial investment seminars and giving Investing Advice to friends and family. Over the last few years however, I’ve had increasing amounts of requests from clients for advice on how to invest. Most of these people had asked me for advice, as they were finding themselves with a large amount of money that was probably never planned on and wasn’t assured to grow for the next ten or twenty years like the stock markets would. Here is my Investing Advice for Clients.
All good investment consultants will take the time to understand their clients’ needs and objectives. I don’t just mean the obvious things such as what are the clients’ income and expenses? But even the less obvious questions such as should they buy a particular stock or mutual fund? What type of driver should they use in their vehicle to get better gas mileage?
Good investment consultants may consider whether or not they have a unique way of presenting the information that they’re providing. Some clients will only need to know their asset allocation and track record once a year or maybe quarterly. Other clients though will want more specific information on their portfolios, their frequency of changes in the asset allocation, and possibly more analysis on what types of products or services would fit their particular needs better.
So before the asset manager starts providing the more detailed advice, the investment consultants need to sit down and create an asset management tracking system that will allow the client to keep track of their investments. The best asset management system will not only include the basic information that the asset manager already provides, but it will allow the client to customize their own investment monitoring and tracking system. In this way, the asset management consulting firm has already created an asset management plan for their clients. But before they do, they must first build a robust database that contains customer data and other pertinent information.
Once the databases are in place, the asset consultants will then start assisting their clients with setting up their personal financial goals. It’s common for investors to have broad financial goals like securing a certain amount of cash flow over a specified period of time. Or perhaps their biggest financial goal is to become debt-free within a fairly short period of time. Some of the best investment consultants can help their clients achieve these goals and more. In fact, some of the best investment consultants can help their clients achieve every single financial goal that they have as well.
The final step of the process is in formulating investment strategies. This stage involves determining which specific investment products or financial services are right for the specific needs of their clients. The best investment consultants will help their clients determine which investment products and services are going to be the most beneficial to them, as well as those that may be a good fit for their clients’ overall financial goals. In this way, the asset consultants fulfill two very important roles assisting their clients in achieving their financial goals and helping them find the best financial products and services that they qualify for.