Advisors often strive to prove their expertise through elaborate calculations and explanations.
But clients want simplicity, says Carl Richards, author of The Behavior Gap and director of investor education for Buckingham Asset Management Advisor Services.
They benefit most from plain, straightforward explanations of strategies and products.
He also says it’s key to start with the basics when meeting new prospects. The first step of advising is to help people understand their shortfalls and weaknesses.
Click below to listen to Richards discuss clients’ real needs.