Analysis of Executive Coaching Retreat Overview

Let’s look at the specific comments and complaints that my client expressed to me. 1. My sell rule is when a stock or fund drops 8% from where you bought it, sell it no questions asked. If my client did not bring it up it would be a good practice for the Merrill broker to incorporate going forward. 2. If the broker and client had agreed upon what to do with underperforming funds and stocks, the call would have been made. I determined that the real issue here is my client had no clear financial exit strategy and therefore the broker is not offering the insight that he certainly has. The single biggest complaint I hear from my coaching clients is they never hear from their advisor when something is in the toilet! 3. If the management fee is truly an issue for clients-as is the case with my client-why not go to a fee only arrangement. Pay a stated fee for advice and be done with it or give the advisor more guidance and pay the fee if the performance warrants it. 4. The trust thing…That’s harder to fix once the damage is done. I feel my client as well as the broker share in the guilt. My client simply did not give the broker enough information and did not pick the phone up to let the broker know when she was unhappy or uncomfortable. The broker did not call periodically and ask “How am I doing.” That is a tough call to make-but it must be made.
We are fixing this mess and I will share the specifics with you!

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Dansette