Feb 1, 2024
The very nature of the weather has always been like an investment portfolio in terms of unpredictability, and all the cold weather we’ve been dealing with to start 2024 has us thing about that. You could very easily use the weather to explain how a client’s portfolio is going to work over time and how you can prepare for that.
That’s the basis of today’s discussion, which is about a habit that many advisors have. They sell off their software using products like Riskalyze, which seems to work very well up front but presents challenges with long-term retention. I’ve been asked why I don’t use software like this so I want to provide you some insights on that in this episode.
Here’s some of what we discuss in this episode:
- Why I have a problem with risk tolerance questionnaires.
- The problem that you face when using these programs to match their portfolio to risk tolerance.
- How we suggest approaching portfolio management and the conversations with clients about why you’re building it that way.
- The price for the upward is the occasional negative.
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