An advisor’s job is as much about being sensitive to clients’ personalities and emotions as it is about investment management. I’m not trying to downplay the importance of portfolio creation and administration, but I am aiming to emphasize that advisors must always keep an individual client’s needs top of mind.
Not every client will react to a stock market decline in the same manner and some clients are more averse to taking risk in their portfolios than others – some simply cannot stomach the thought of their portfolio experiencing volatility.
As you likely know from working with us or reading Ramparts, at Fort Pitt we take a long-term approach to investing. It’s not about what the market does today or tomorrow, but about positioning client dollars to enhance their financial well-being over the long-term. As an advisor at Fort Pitt, it’s my job to take each of my client’s personalities and emotional triggers into account when communicating with them when there is a market event that can strike nervousness in some investors. We are required to be the voice of reason and sometimes say no to clients in order to help them stay on track and adhere to their plan.
We don’t have a set schedule for when we connect with each client, because that depends on their individual needs. Some clients like to be more hands on and up-to-date at every portfolio rebalance. Others like to simply know that their money is in good hands and that we have a plan in place that will achieve their goals.
We know the most successful investors are the ones who have the courage of their convictions. Our long-term approach to planning has worked consistently over time and our job is to work with clients to keep them on course to a successful future.