Chapter 13

Managing Client Expectations

There is no free lunch.

—Anonymous

Human wants are never satisfied.

—J. Willard Marriott, Jr. (1932–), Marriott

A six-inch line is short relative to an eight-inch line.

An eight-inch line is short relative to a ten-inch line.

—Tibetan saying

In this chapter we will cover steps 3 through 6 of the investment management process as outlined in Exhibit 13.1. Note that the four steps involved in managing client expectations follow the first two that deal with knowing your client and, of necessity, precede the last four steps that deal with what is more commonly thought of as portfolio management. This order is very important: First get to know your client, next manage his expectations, and only then manage ...

Get Asset Allocation: Balancing Financial Risk, Fifth Edition, 5th Edition now with O’Reilly online learning.

O’Reilly members experience live online training, plus books, videos, and digital content from 200+ publishers.