Adding an investment to a client’s portfolio is a decision. Removing an investment from a client’s portfolio is a decision. If you have a discretionary account, you review the changes with the client. If you have a non-discretionary account, you must get your client’s permission to execute a buy or a sell.
However, doing nothing is also a decision. Making a decision to do nothing can be as important as changes that you make. Make sure you are discussing with your clients your decision to not make changes. If you aren’t sharing your “hold” decisions clients may wonder why they are paying a fee for “inactive” assets. If you have a non-discretionary account, the client may wonder if you are paying attention to their entire portfolio.
Doing nothing is an important decision. Take credit.
Supernova Advisors use their monthly 12/4/2 meetings to “take credit” for the important work they do for their clients throughout the month. Our advisors deliver one-of-a-kind service. If you would like to learn more, join our member-only website or sign-up for one of our coaching programs.