From Financial Planning, by Ken Eyler
It’s a dilemma almost every high net worth financial advisor has faced — being blindsided by a client’s big-ticket purchase so large that it limits their investable funds.
To provide the best counsel, advisors need full visibility into their client’s spending habits. Lack of clarity across all financial accounts, not just investments, means you don’t have a complete view into client liquidity, cash flow and/or asset risk, which can inhibit your ability to manage their portfolios effectively.
In a complex world, however, such information is not always at hand. Having worked with high net worth clients and their advisors for more than three decades, we’ve seen how detrimental the lack of a 360-degree perspective can be. Below are ways to boost visibility into your clients’ spending habits, a goal that all advisors should prioritize…
