According to Advisor Insights Inc president Mitch Anthony, there's one question advisers should ask that is rarely addressed: “What is the money for?”
Speaking at the 2018 Financial Planning Association Congress, Anthony said the question cuts to the heart of what the planning profession is all about. “Too often,” he explained, “we frame our lives as the process of gathering money. In fact, the purpose of gathering money is to live our lives. So, as an adviser, life has to be at the centre of the conversation.”
This means, he continued, that framing your value proposition in terms of relative investment performance is a fool's errand.
“If you're focusing on ROI,” he said, “you're basically working year in, year out trying to beat back the other planner down the road. It's unsustainable.”
In other words, comparisons are odious.
“I've never understood comparative returns,” he said. “Since when is comparison a good measure
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