….Enough soapbox. This is what The Fiduciary Sale is about:
For Advisors, The Fiduciary Sale teaches that there is a business practice that embodies basic principles like ” The Ethical Advisor’s mantra”:
- I do not consider my income when I recommend an investment to my client.
- My fees are low enough to give quality advice without gouging the client. (For specific example: If I charge asset based fees, I have one fee, regardless of assets and it is less than 1% per annum.)
- I recognize that no two clients have exactly the same goals, needs and objectives and therefore, do not believe that two client portfolios will necessarily be the same.
- I do not ever make a recommendation until I listen carefully to what the client is telling me.
- I will know his/ her lifestyle goals, wants, needs, aspirations, and enough about his/her life and family that I can anticipate the next call.
- I will get in touch with clients every month, just to check in personally (NO, I don’t mean via an impersonal newsletter.)
- I will be absolutely certain that client’s goals and objectives are achievable and will not accept a client who insists on unrealistic investment results.
- Every recommendation I make is not only just suitable, but is appropriate for that client.
- I will communicate every nuance carefully to make sure the client understands what our game-plan is and, what’s more, enthusiastically agrees with it.
- My clients know exactly how much I make off them; no compensation is hidden. I will not allow hidden fees.
This subscription service is a collective collaboration between you and me. We will improve investor financial literacy and we will find and improve Advisor Ethos (Thanks, Don Trone, for the word). These principles are baseline; there’s more. Think “beyond reproach”. So, here’s what I want:
I want advisors to disagree with these principles. That way I can cross them off my list in the search for the ethical advisors.
I want investors to give me more ammunition. What do you want besides an outrageously out of line performance quickly with a fee so low the catfish have to look up? Give me specifics. If they’re on point, I’ll use them.
I want to know how all of you think the ethical advisor should deal with his/her clients.
I want advisors to describe their process: interview, data collection, client needs, allocation investment strategies, portfolio monitoring and fees. Justify just exactly how what you’re doing represents the highest ethical standards in the best interest of your clients. Some will gain entrance to the Ethical roundtable, some will disqualify themselves, some will sign on for the ethical training of The Fiduciary Sale. Those that do will grow business by being ethical.
Novel, right?
I want to publish it all-the suggestions, the ideas, the rationale, the defenses. At the end of the day, we’ll wind up with a self selecting core group of ethical advisors that I would not hesitate to recommend on my business website- somebodyelsesmoney.com.
That’s what I’m looking for.