Making an Adviser Relationship Work

Fran Hawthorne writes about the sometimes tumultuous personal relationship between investors and financial advisers in her new article in the New York Times. It begins as follows:

In spring 2001, after losing about $75,000 in the dot-com crash, Jerrie Champlin and her husband, Robert Baranowski, decided it was time for professional help.

The couple, then living in Rockland County, a New York City suburb, found a local financial adviser who seemed to have strong Wall Street experience. They were further reassured by a 90-minute interview with him in which they discussed their goals and the adviser’s philosophy.

Over the next three years, however, the relationship deteriorated.

“He was not really paying attention to who we are,” said Ms. Champlin, 62, a former business manager. “Bob would have an idea, and it would be, ‘No, that doesn’t really fit with the plan.’ He decided what level of risk we would be willing to take.”

Read the full article from the New York Times here.

Posted by Logan Davis, Associate Editor, Wealth Strategies Journal.

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