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9781419526800

Questions Great Financial Advisors Ask... and Investors Need to Know

by ;
  • ISBN13:

    9781419526800

  • ISBN10:

    1419526804

  • Format: Hardcover
  • Copyright: 2006-06-01
  • Publisher: Kaplan Publishing
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Summary

A financial advisor recounts an interview with a recently retired physician who planned an enjoyableand costlyretirement. The doctor wanted his entire portfolio in bonds, which was far too conservative to maintain the lifestyle he and his wife had planned. In the advisor's words:"This fellow was a bit of a know-it-all, and I wasn't getting through. Finally I asked him, 'Doctor, how will it feel for you when you have to go back to work?' That got his attention, and I was able to lay out a strategy that would allow him to retire and stay retired."InQuestions Great Financial Advisors Ask...and Investors Need to Know, coauthors Alan Parisse and David Richman have compiled the questions great advisors ask that lead to the probing and personal conversations necessary to diagnose and understand clients'and potential clients'deep-seated feelings about money. That's how great advisors help clients wring the emotion out of investing and set them on the rational road to achieving their financial goals.Throughout this book are questions, suggestions, and stories from some of the world's top financial advisors, including a chapter of "great questions to ask" organized by topic.

Author Biography

Alan Parisse During his twenty year career in the investment business, Alan Parisse gained extensive experience in both the investment banking and distribution and sales sides of the business. Over the last decade he has become a renowned speaker and commentator on dealing with change and turbulent times. In December of 1999, Successful Meetings Magazine named him one of the "Top 21 Speakers for the 21st Century". He is also the only person to come out of the investment business to be inducted into the National Speaker's Association Hall of Fame. Alan received his BS from SUNY Buffalo and his MBA from the University of Arizona. He resides in Boulder, Colorado.

David Richman has been in the investment business for over twenty years. He has extensive experience in marketing and sales and has been a senior member of the sales team for the oldest independent provider of managed money consulting services in the country. He is a friend and partner to scores of financial advisors who have leveraged his skills through thousands of seminars and joint calls with affluent investors. David is a member of the Connecticut Bar and has sat on numerous civic boards over his career. He holds a BA and MA from the University of Rochester and a JD from the University of Connecticut. David resides in Connecticut with his spouse of 26 years and their children.

Table of Contents

Introduction xi
Prologue xv
1. What Makes a Great Financial Advisor? 1(22)
Client Focus
3(3)
The Advisor's Motivation
6(2)
The Fallacy of Questionnaires
8(1)
Client Connections
9(4)
Ask the Right Questions
13(4)
The 80-20 Rule
17(2)
Forget the Lecture
19(1)
Remove Emotions from Investing
20(2)
The Takeaway
22(1)
2. What Should Your Clients Expect from You? 23(28)
Where's the Real Advice?
23(1)
The Media's Version
24(3)
Recognize the Distortions
27(1)
Get the Emotion Out
28(3)
Use Plain English
31(2)
Ask Deep Questions
33(1)
Understand How to Listen
34(2)
Know the Details
36(2)
More on Listening
38(2)
Recognize the Unspoken Message
40(1)
Beyond the Facts
41(1)
Step Back
42(2)
Establish Trust
44(2)
Walk Your Talk!
46(1)
Pay Attention to Family Matters
47(2)
The Takeaway
49(2)
3. Can You Recognize a Client's Investment Wiring? 51(38)
Investment Wiring Up Close
52(1)
Getting Beyond the Facade
53(2)
Familiar Personalities
55(2)
Mr. Cocky a.k.a. Mr. Know-It-All
57(3)
The Cynic
60(3)
The Putterer
63(1)
The Hobbyist
64(4)
Paul Perfect
68(2)
Amy Amiable
70(3)
The Analytic
73(3)
The Controller
76(4)
Ms. Pennywise
80(3)
Beyond the Personality
83(1)
Your Role: Eliminate Emotion from Investing
84(3)
Risk Tolerance
87(1)
The Takeaway
88(1)
4. What's the Purpose of Money? 89(22)
A Difficult Conversation
91(1)
Purpose Versus Goal
92(4)
Beyond Simple Answers
96(4)
Understanding Priorities
100(5)
Family Matters Make a Difference
105(1)
The Role of Time
106(2)
Who Is Your Real Client?
108(1)
The Takeaway
109(2)
5. What Role Does Risk Play? 111(30)
Today's Dynamic
112(1)
Essential Risk
112(3)
Perceptions of Risk
115(2)
Tolerance for Risk
117(2)
Changing Tolerances
119(1)
Risk of Lost Opportunity
120(1)
Absolute Versus Relative Returns
121(2)
Personal Measures of Risk
123(4)
Long-term Goals and Risks
127(1)
Conservative Versus Aggressive
128(3)
Family Matters II
131(1)
The Portfolio Issue
132(1)
Importance of Educating Clients
133(6)
The Takeaway
139(2)
6. Great Questions to Ask 141(18)
Getting the First Appointment
141(2)
Starting the Relationship
143(1)
The Surface Essentials
143(3)
Going Deeper
146(4)
Family Matters
150(3)
Taking a Stand
153(6)
Index 159

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