You have to pick what you’re going to be worried about. Markets are volatile, but retirement is certain.

—Nick Murray

The ultimate success of any client relationship begins with the appropriate education of the client. No matter how astute or sophisticated the client may be in his or her own profession, without prior education by the advisor, the client will rarely, if ever, have an understanding of the issues necessary to become a successful participant in the wealth management process. Clients, without this preparation, will not understand the terminology of the wealth manager. If the advisor begins the goal setting and data gathering process prior to the education process, the advisor may think he or she is speaking English, but to the client it may sound like Sanskrit. There is a significant probability that either the necessary information will not be captured or the client will not accept the wealth manager’s final recommendations.


Prior to beginning the process of having the client complete a risk tolerance questionnaire, Harold provides the client with a mini-educational program. Depending on the client’s questions and any tangents that the conversation may follow, this program typically takes between a half hour and one-and-a-half hours. He has it prepared to be presented either by flip chart or computer display.

The purpose of the program is fourfold:

1. To introduce the client to the basic concept of modern investment ...

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