Setting Boundaries: How Clients And Advisors Improve Their Professional Relationship

Good communication around expectations forms the baseline for a successful relationship between ... [+] getty

As in many relationships, the continuity of a client / advisor relationship depends on the strength of the connection. Working with a professional advisor who provides the professional guidance and expertise that it needs to perform at a high level could help catapult a business.

Longstanding relationships are usually characterized by mutual give and take. However, businesses often face an interesting dilemma – navigating the unknown boundaries in a trusted client / advisor relationship. While some boundaries may be explicit, others can fall in a gray area and may require a conversation.

Successful businesses celebrate business milestones differently. They may show their appreciation to the professional advisors who have helped them achieve their success in ways outside of the payment of the agreed professional fee.

Many, especially family businesses whose advisors may have worked with the family for a long time might have a relationship that borders on personal. Appreciation can be seen as a sign of trust and gratitude. But not all advisors accept such gestures with open arms. Some do so politely, but unwillingly, in order to not risk offending the offerer. Others will decline an invitation from the client to attend a celebratory social event.

Take, for example a client who, after experiencing a legal victory, presents his lawyer with a very expensive watch as a token of appreciation. This present is offered in addition to the regular fees that the pays. In declining the present, the legal advisor understands that the client may take offense, but more may be at stake.

In some instances, a certain professional designation may actually preclude an advisor from accepting such gifts. In others, the advisor may decline based on personal or professional preference. Depending on the jurisdiction, if the lawyer, for example is an officer of the court, accepting presents may endanger his professional independence and violates model rules of professional conduct.

Some quick rules of thumb around managing these types of boundaries, are:

  • Communicate your ‘ways of working’. Advisors should consider establishing a standard policy around preferred ‘ways of working’ and communicate this with clients respectfully and as soon as possible. For longstanding clients, an explanation may be requested. Since old habits die hard, you may still be approached with gifts and social invitation that you may need to decline. But then it would be easier to reference your ‘ways of working’ policy as you politely decline.
  • Don’t become offended As a client, recognize that professional boundaries could exist. if an advisor declines your offer or invitation, don’ t become offended. If your advisor did not share their professional code of conduct at the beginning of your working relationship, one may not exist. Ask for clarity. Many advisors typically welcome the opportunity to clarify their ways of working.

Advisors, on the other hand risk harming the close cooperation of a trusted relationship if they are perceived to be arbitrarily declining gestures of appreciation. Some workarounds to ensuring that the trusted relationship remains in tact without abandoning standard human niceties, include:

  • Showing genuine interest. The key to relationship building is in showing interest in your clients, not as humans and not purely transactional. If you are aware of an upcoming celebratory event, ask about it politely and conversationally. Showing genuine interest helps to foster the client/advisor connection even if you cannot accept a present or attend a social event hosted by the client.
  • Know your boundaries. Decide what you would deem as an appropriate way to celebrate with your clients. You should be able to apply this to all clients without fear of blurring the lines. Maybe you don’t accept gifts but you send them a card thanking them for their cooperation in working towards the victory; Maybe you establish a threshold for gift spend and record gifts received in a gift ledger for transparency.
  • Know your client. While it may be easier to treat all clients as transactions, knowing the client’s business – its mission and values – and being able to connect with its key decision-makers across multiple generations cannot be ignored. This is often the key to building a connection that withstands the test of time.

While professional client / advisor boundaries can exist, knowing what they are and taking steps to proactively manage the client / advisor relationship within these bounds could help both parties pave the way for a relationship that lasts long into the future.

Rochelle is the Managing Director of Succession Strength (a succession and business exit advisory firm).

Source: Setting Boundaries: How Clients And Advisors Improve Their Professional Relationship

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Why SEC Regulations Could Drive A ‘Great Reshuffle’ Among Advisor Talent In Financial Services

Getty

As we gaze into the crystal ball for 2023, expect to see a bit more turbulence in the financial services sector. This is no surprise. In fact, it’s almost a given that market instability will continue, and there’s no quick or easy cure for inflation. But what might be unexpected is the shift that’s likely to take place in the advisor landscape.

Advisors have more opportunities than ever before to attract, retain and do great work for clients. The big question is, will their firms allow them to leverage the right digital tools at their disposal? It’s already a challenge for firms to keep up with evolving technology and offer advisors more discretion and freedom while giving them the best shot at success. But the firms that fail to do this risk losing their top advisory talent.

The Shifting Advisor Landscape

Like most other industries, financial services firms face a talent shortage. This was true even before the pandemic, but today, nearly four in ten financial advisors, who collectively control approximately 40% of total industry assets, are expected to retire within the next 10 years. And the talent to support this type of exodus simply isn’t there: There are fewer certified financial planners (CFPs) under the age of 30 than over the age of 70.

These problems are compounded by what many have called the Great Resignation, which makes it sound like workers are leaving their careers in droves to do something totally different and more rewarding. But the results of PwC’s annual Saratoga workforce benchmarking survey found that the Great Resignation is really more like a Great Reshuffling. People aren’t wholly abandoning their fields—they’re just looking for better options. This includes advisors who are leaving big firms to go to independent models where they have more freedom or switching to firms that they believe have a better value proposition. ​

With this as the backdrop, is it any wonder that the ability to attract and retain talent has taken on even greater importance? According to the findings of Schwab’s 2022 RIA Benchmarking Survey, talent is the top strategic priority for registered investment advisors who must have strong teams to properly serve their client base and support firm growth.

Adapting To A New Reality

One of the biggest ways for firms to attract and retain top advisors is by giving them the tools and support they need, which includes digital communications. Financial services firms traditionally tread cautiously with digital communications due to the complexity of ensuring compliance. The stakes have grown even higher in the current regulatory climate, in which the SEC is levying heavy fines for violations. With testimonials and endorsements now allowed by the SEC’s new Marketing Rule, firms may not want to take on the burden of yet another type of content to review and approve prior to posting.

Yet, testimonials and endorsements have been demonstrated to not only bolster online presence but also to drive engagement. Websites with testimonials can increase sales page conversions by up to 34%. Additionally, research results show that 72% of consumers are spurred to action only after reading positive reviews.

If firms prohibit advisors from posting content like endorsements and testimonials, advisors may be more likely to leave, which can create harmful ripple effects throughout the firm. Aside from the potential loss of clients who follow their advisor elsewhere—and the reputational harm associated with losing talent—there are actual hard costs. It’s estimated that turnover can cost a firm anywhere from 50% to 200% of an advisor’s annual compensation. If a firm loses multiple team members, it’s not only disruptive, it’s expensive.

As just one way to help ward off the threat of departures, many firms are bulking up their compliance teams to better support advisors’ preferred communications strategies and practices. According to Hearsay’s 2022 Finserv Compliance Benchmark Report, “42% of respondents plan to further increase compliance staffing over the next 12 months.” But will this be enough to keep employees with their current firms?

Moving Forward

Advisors will ultimately go to firms that offer them the best chance of building their client roster to generate personal income. One way to help ensure that advisors want to join or remain at your firm is to offer the ability to develop a robust, highly personalized and credible online presence coupled with modern compliant communications options. In tandem with this, you’ll want to make sure your processes, programs and technologies support a fully compliant risk-based approach for your communications strategies.

Firms that empower their advisors to succeed by opening up previously unavailable channels have the opportunity to differentiate themselves from competitors. As they meet and exceed the expectations of modern investors and advisors, they might not only be able to attract new talent but also usher in new business.

CEO of Hearsay Systems, a trusted leader in compliant last-mile digital communications solutions for the financial services industry. Read Michael Boese’s full executive profile here.

Source: Why SEC Regulations Could Drive A ‘Great Reshuffle’ Among Advisor Talent In Financial Services

.

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Why SEC Regulations Could Drive A ‘Great Reshuffle’ Among Advisor Talent In Financial ServicesForbes

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Why Investors Should Lower Expectations For Making Money on Stocks

Vanguard, others predict bonds will rival single-digit returns on stocks; best bets are overseas.The era of big returns on stocks is over. It’s time for investors to recalibrate their expectations. That’s what many Wall Street firms and advisors are telling their clients.

Look for lower returns from U.S. stocks during the next decade compared with what has historically been the case, and expect U.S. bond returns that are on a par with equities. The best returns are projected for overseas stocks and bonds. Returns from most asset classes are projected to be positive.

“The next 10 years will be different than the last 10 years,” says Jim Masturzo, partner and chief investment officer of multi-asset strategies at Newport Beach, California-based Research Affiliates. “It will be more normal.”

Expect Single-Digit U.S. Stock Returns

With inflation at the highest levels in 40 years, against a backdrop of rising interest rates and a decline in valuations, long-term returns for U.S. equities are projected to be in the low- to mid single-digit territory. That’s compared with a historical yearly average of 12%-13% before inflation, and well below the nearly 16% average annual returns of the past decade.

This is clearly a whole new world to which investors are unaccustomed after decades of low inflation and the near-zero interest rates of the past 10 years. “Returns will be more muted compared with history and especially the past two years, especially for equities,” says Roger Aliaga-Diaz, head of portfolio construction and chief Americas economist at The Vanguard Group.

Bond Returns to Rival Stocks

On the brighter side, bonds are seen giving equities a run for their money, as fixed-income returns are projected to rival those of stocks.

“Bond market returns could equal equity returns with less risk,” says Joseph Carson, economic consultant and former chief economist at AllianceBernstein. Returns on stocks in the next decade will appear “minuscule” at 4%-5%, he says, mainly because “equity returns for three of the last four decades were far above average.”

Stocks benefited from declining inflation and lower bond yields in the 1980s. Stable inflation and expectations of “a new era of long cycles of growth and earnings” pushed stock returns higher in the 1990s. And “in the decade ending 2020 it was zero rates and inflated market multiples” that led to outsize gains in stocks, says Carson.

A line chart showing rolling annualized 10-year returns between 1971 and 2021.

The Lost Decade

The outlier decade proved to be 2000 through 2009, a period that included the terrorist attacks of Sept. 11, 2001, as well as two punishing recessions and accompanying bear markets that dragged down returns and set the stage for easy money conditions. In what became known as the Lost Decade, stocks delivered a negative annualized total return of 0.95%, the only decade outside the Great Depression in which total returns for the period were negative.

At the start of the decade, a bubble in technology, telecommunications, and media stocks burst, resulting in a recession and the bear market of 2000-02, when stocks fell nearly 50%.

Not long afterward came the global financial crisis of 2007-09, precipitated by a housing meltdown brought about by banks and mortgage companies extending credit and making nontraditional interest-only and adjustable-rate loans to high-risk borrowers that were then packaged into mortgage-backed securities and collateralized debt obligations and sold as stable and safe investments.

With home prices skyrocketing, the Federal Reserve started raising rates to cool the market, which prompted a wave of mortgage defaults and a subsequent liquidity crisis. The result: the deepest and longest-lasting recession since World War II. Stocks fell about 55%. The unemployment rate more than doubled.

The interventions to rescue the financial system and the economy during the crisis introduced ultraloose monetary policies that were reintroduced more recently during the pandemic crisis of 2020, creating a boom in asset prices and driving inflation to the highest levels since the 1980s. Aiming to rein in spiraling prices, the Fed has boosted the federal-funds rate six times this year at an aggressive pace and plans to continue until it sees clear signs that inflation is abating and heading back to its target rate of 2% from more than 8%.

That’s driven up yields on bonds, driving their prices lower, and sent stocks sliding. No one expects inflation and interest rates to stay at current levels over the next 10 years, but they will be at higher levels than has been the case in the past decade. And that will affect valuations.

The Case for Bonds

“Definitely, the case for bonds in the portfolio is coming back,” says Aliaga-Diaz of Vanguard. “Higher yields make the case for bonds stronger.” Over the next 10 years, Vanguard is forecasting annualized nominal returns, that is before adjusting for inflation, on U.S. equities of 4.7%-6.7% and U.S. bonds at 4.1%-5.1%.

Research Affiliates projects annualized nominal returns on U.S. equities of 2.3% over the next decade. Its forecast for U.S. bonds is 5.1% on an annualized nominal basis. Morningstar Investment Management projects U.S. stocks will deliver 5.5% in annualized nominal returns and 4.8% for U.S. bonds.

A grouped bar chart showing forecasts for annualized asset class returns over the next 10 yrs from Morningstar, Vanguard, and Research Affiliates.

Of course, stock and bond returns will vary from year to year, but these long-term annualized forecasts provide a gauge that helps firms construct diversified asset-allocation portfolios that can be tailored to optimize returns for different risk tolerances.

Investment firms also calculate these projections in real terms, which means they factor inflation into their models in addition to other variables such as valuations, earnings growth estimates, and dividend yields to obtain a more accurate assessment of potential total returns. Still, it has become standard practice for firms to issue forecasts in nominal terms because that is what is reflected in client accounts.

As Vanguard’s Aliaga-Diaz explains: “If you start with a $1,000 investment in 2022 and your portfolio returns 10% in nominal terms in 2023, your account will be $1,100. In real terms, your account would be worth $1,080 measured in 2022 dollars.”

Many investors may be gun-shy about embracing bonds, burned by steep double-digit losses this year in their portfolios at a time when stocks fell into a bear market.

The popular investment strategy of structuring portfolios with a mix of 60% stocks and 40% bonds to achieve attractive risk-adjusted returns with lower volatility, the so-called 60/40 portfolio, failed to provide the diversification and balance that made it a tried-and-true investment approach for so long, delivering 10.6% average annual returns for the past 40 years.

The Morningstar US Moderate Target Allocation Index, which serves as a benchmark for the 60/40 strategy, is down 17.53% this year, while the Morningstar US Market Index is down more than 21%. But what worked so well for so long will work again, say strategists.

“There is a fear and concern that what we saw this year with stocks and bonds coming down together represents a new regime,” says Aliaga-Diaz. “But we will get back to the normal relationship.”

That view has been echoed by others, including Morgan Stanley’s chief cross-asset strategist Andrew Sheets, who has forecast a 10-year annualized return of 6.2% for the strategy. “While we do expect the 60/40 portfolio to deliver lower risk-adjusted returns compared with those over the last four decades, that doesn’t mean it is broken,” he wrote in a report issued this summer.

Starting Points Matter

A key driver of these forecasts comes down to prices: Lower prices point to higher implied returns. “Starting prices matter,” says Philip Straehl, global head of research and investment management at Morningstar Investment Management. “U.S. valuations have improved dramatically in the last 12 months. There’s been significant repricing in the U.S. equity markets.”

That’s even more true internationally, where stocks have had the added burden of coping with the strong U.S. dollar and weakened local currencies on top of inflation and rising rates. Strategists say developed and emerging markets represent the best opportunities for the highest returns.

Morningstar Investment Management forecasts stocks in developed international countries will return 9.4% annualized over the next decade. For emerging markets, the expectations are even rosier at 11.8%. Vanguard’s outlook for stocks in developed international countries is for annualized total returns of 7.2%-9.2%, and 7%-9% in emerging-markets equities. Research Affiliates is forecasting 13.1% returns annualized for emerging markets over the next 10 years and 12.6% annualized for developed international markets.

“Our recommendation would be to look outside the U.S.,” says John Thorndike, co-head of asset allocation at Boston-based investment manager GMO, which bases its outlook on a seven-year investing time frame. “If you are going to take equity risk, take the bulk of it in non-U.S. value stocks. We think you should take the risk. These stocks are attractive.”

By:

Source: Why Investors Should Lower Expectations for Making Money on Stocks | Morningstar

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When A Mutual-Fund Converts To An ETF: How It Works

Asset managers continue to convert some of their mutual funds into exchange-traded funds. So what does that mean for investors? A 2019 change to the rules governing investment funds made it easier for managers to convert mutual funds to ETFs by removing the need for separate approval of each potential conversion by the Securities and Exchange Commission.

A handful of asset managers, including Dimensional Fund Advisors and JPMorgan Chase & Co.’s J.P. Morgan Asset Management, have recently converted actively managed mutual funds into actively managed ETFs. They say the change is in response to the preference of many investors for ETFs, which generally offer lower fees than mutual funds and provide a tax advantage.

Investors in the funds being converted might appreciate those benefits. But they need a brokerage account to keep the new ETF, and may have some tax consequences if they own fractional shares of the mutual fund.

Why convert?

The initial group of conversions has mostly been in actively managed stock or bond funds. For example, J.P. Morgan completed conversions of four funds in June, an actively managed fixed-income fund now called JPMorgan Inflation Managed Bond ETF (JCPI); an active equities fund, now JPMorgan Market Expansion Enhanced Equity ETF (JMEE); a real-estate income fund, now JPMorgan Realty Income ETF (JPRE); and a global equities fund, now JPMorgan International Research Enhanced Equity ETF (JIRE).

Dimensional Fund Advisors converted a $30 billion suite of actively managed systematic funds last year. Systematic funds’ investment decisions are largely guided by models based on extensive market data, rather than left purely to the fund managers’ discretion.

Analysts say actively managed funds are likely to be where most conversions happen. That’s because active funds have higher fees than passive ones and tend to generate more taxable gains through trading, which makes them more vulnerable to investors’ preference for lower fees and taxes.

There is a recognition among asset managers that there is a better way to offer certain strategies, and that’s coming alongside investor demand for ETFs,” says Daniel Sotiroff, a Morningstar analyst. Even mutual funds that already have some of the qualities of an ETF can benefit from conversion, he says. “If you look at what Dimensional converted, those funds were already tax managed as mutual funds,” meaning they were designed to minimize investors’ tax burden. “The ETF structure makes that process easier to do and comes with lower fees.”

He notes that ETFs typically don’t charge the so-called 12b-1 fees that mutual funds do. These fees, which are named after the SEC rule that allows them to be charged, cover the marketing and distribution of a mutual fund or ETF. ETFs also tend to have fewer trading transactions than mutual funds, which means they have lower transaction costs, because trades aren’t triggered by asset inflows and outflows in ETFs as they are in mutual funds.

ETFs offer a tax advantage because, since they can make fewer trades, they distribute fewer, if any, capital gains to investors. Some mutual funds are designed to distribute fewer gains, but investors are still likely to see taxable distributions over the course of their investment in a mutual fund.

The higher fees of actively managed funds and the taxes on capital gains from distributions have led to outflows in favor of actively managed ETFs with similar strategies for a number of years. The SEC rule change for conversions gives investors the option to stick with the same strategy and managers at a lower cost.

For fund managers, a conversion allows them to keep the performance record of the mutual fund as well as any investor assets in the fund that stay through the conversion. That can give the new ETF a leg up over a newly launched ETF, as many investors and financial advisers want to see a substantial record and enough assets to support the long-term viability of a fund before investing.

What to watch for

For investors in a mutual fund that is up for conversion, there are a few things to keep in mind. Those who invested in a mutual fund through a transfer agent instead of a broker, which is common, will need a brokerage account to be able to hold and trade the ETF. If they don’t have a brokerage account, there are many low-cost brokers, with some offering low or no minimums to open an account, but it may be a bit of a learning curve for those who haven’t used a brokerage account before.

ETFs also don’t offer fractional shares. Any fractional shares of the mutual fund held at the point of conversion will be redeemed and could result in a taxable gain.

A conversion may also require approval from shareholders, and if enough shareholders don’t want to convert, fund managers may opt to offer a separate ETF that runs the same strategy. Individual investors can then decide to move into the ETF on their own, but that could result in tax consequences when they sell out of the mutual fund if they end up with capital gains.

By:

Source: When a mutual-fund converts to an ETF: How it works | Mint

Critics by By Matthew Romano

Mutual fund” is the common term for an investment vehicle that pools money from multiple investors and invests in various assets such as stocks and bonds. Most traditional mutual funds, commonly referred to as “open ended” funds, issue shares directly to shareholders and redeem them at the demand of the shareholder at the fund’s net asset value (NAV). Mutual funds register with the SEC under the Investment Company Act of 1940 (the Act).

While an exchange-traded fund (ETF) is similar to a traditional mutual fund in that it pools money into a fund to invest in various assets and can register with the SEC under the Act, it differs in that its shares are traded on a secondary market as opposed to directly between the shareholders and the fund. One or more intermediaries, referred to as authorized participants, seed the fund with cash and/or stocks in exchange for the fund shares and then list those shares on a secondary market to be bought and sold by the prospective fund shareholders.

A traditional mutual fund can be converted to an ETF. The present discussion focuses on the tax implications of doing so. A conversion may be appealing because of the greater tax efficiency of ETFs (discussed below), lower expense ratios, and the fact that a conversion utilizes the scale and performance of an existing fund. Mutual funds’ appetite for converting was further enhanced by the SEC’s approving Rule 6c-11 in 2019, which reduced the time and cost of launching an ETF.

Tax efficiency of ETFs

Both traditional mutual funds and ETFs that are domestic corporations — if they are registered with the SEC under the Act and meet certain diversification, income, and distribution requirements — are taxed as regulated investment companies (RICs) under Subchapter M of the Internal Revenue Code. Under these rules, they are not subject to entity-level tax if they distribute their net income and capital gains via dividends to their shareholders. Shareholders with nonqualified taxable accounts ultimately bear the tax burden.

ETFs are often more tax-efficient than traditional mutual funds, however. In the case of a mutual fund, besides the trading that occurs in the normal course of business, other transactions at the fund level can result in an increased tax burden for the shareholders. For instance, a portfolio rebalance and/or change in investment strategy can result in the fund’s recognizing substantial gains. Large redemptions can also cause a mutual fund to recognize gains because it may need to sell securities to raise the cash to meet the redemption request.

The ETF structure can mitigate or even eliminate this tax burden. With respect to redemptions, Sec. 852(b)(6) provides that a RIC that redeems shareholders with “property” instead of cash will not recognize any gain from the disposition of that property. While this provision applies to both traditional mutual funds and ETFs, mutual fund shareholders will almost always prefer a cash redemption, while authorized participants are usually indifferent.

With respect to a rebalancing of the portfolio, ETFs can utilize either a redemption basket (of securities) or a creation basket (of securities) between the ETF and the authorized participants. This allows the ETF to avoid recognizing and distributing taxable gains to the shareholders.

The conversion transaction itself

While the conversion of a traditional mutual fund to an ETF has numerous legal and operational hurdles, the details of which are outside the scope of this discussion, the tax structuring is fairly simple. Typically, the fund sponsor will create a shell ETF for purposes of the conversion. This ETF will likely have the same investment objectives, board of directors, and management as the original mutual fund. After the shell ETF is created, the original mutual fund merges into the shell ETF.

If structured properly, the merger will qualify as a tax-free reorganization under Sec. 368(a)(1)(F) (F reorganization). The requirements of an F reorganization, detailed in Regs. Sec. 1.368-2(m), are listed below:

  • Immediately after the F reorganization, all the stock of the resulting corporation, including any stock issued before the potential F reorganization, must have been distributed in exchange for the stock of the transferor corporation.
  • The same person or persons must own all the stock of the transferor corporation and of the resulting corporation in identical proportions.
  • The resulting corporation may not hold any property or have any tax attributes immediately before the F reorganization.
  • The transferor corporation must completely liquidate as part of the transaction.
  • Immediately following the potential F reorganization, no corporation other than the resulting corporation may hold property that was held by the transferor corporation immediately before the reorganization.
  • Immediately following the potential F reorganization, the resulting corporation may not hold property acquired from a corporation other than the transferor corporation.

Given the nature of the conversion of a traditional mutual fund to an ETF, it is likely that the transaction will meet the above requirements. Assuming it does, an F reorganization is considered a “mere change of form” for tax purposes. As such, the fund tax year end, employer identification number, and all tax attributes from the original mutual fund remain.

There are some other ancillary tax implications of the conversion. The mutual fund may want to sell some assets prior to the conversion; this could result in some taxable distributions to shareholders. Also, unlike traditional mutual funds, ETFs generally do not issue fractional shares, so these will be redeemed with cash prior to the conversion and could result in a nominal amount of tax.

Other items to consider

While this item focuses primarily on the tax impact, some nontax aspects of converting a traditional mutual fund to an ETF should also be considered:

  • Shareholders may need to set up a brokerage account to hold the ETF shares.
  • Unlike traditional mutual funds, ETFs can trade at a premium or discount to NAV, which can create some level of risk to the shareholder. However, the create/redeem process between the ETF and the authorized participants can operate to reduce any premium or discount spreads.
  • Approval by the mutual fund’s board of directors may be required to complete this transaction.

Potentially significant benefits

While substantial operational and legal obstacles need to be considered and addressed, the conversion of a traditional mutual fund to an ETF can have significant tax benefits, depending on the nature of the fund’s activities and the makeup of the fund shareholder base.

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How Top Financial Advisors Are Using Behavioral Science To Rethink Your Investments – Halah Touryalai & Ashlea Ebeling

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When a longtime client announced she wanted to buy a million-dollar vacation home on Martha’s Vineyard within the next ten years for cash, financial advisor Lori Van Dusen didn’t flinch. The woman and her husband, then both fiftysomething surgeons, were already socking away enough to maintain their lifestyle in retirement. And Van Dusen, founder of LVW Advisors in Pittsford, New York, expects clients to share their goals, even those that might seem like a stretch…..

Read more: https://www.forbes.com/sites/halahtouryalai/2018/09/10/how-top-financial-advisors-are-using-behavioral-science-to-rethink-your-investments-1/

 

 

 

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