In the post-Madoff world, seniors are being clued in on the scams that might cause them to lose everything they have. There is more fear-based behavior from them than in the recent past. That means that successful advisors aren't going to sell products before they sell transparency and trust and become a positive trigger.
This is transparency
My financial advisor, Dan, recently agreed to do something that probably earned him my business and referrals for a long time. When Tim, my conservative tax man, asked if he could set up a meeting with the three of us to discuss some of the more "alternative" investments Dan was suggesting for me, Dan said "yes" immediately.
When we met, the two of them played verbal ping-pong in front of me. They agreed on many things and respectfully sparred on other concepts. In the end, that two-hour meeting did more to cement the relatively new relationship between Dan and me than all the treasure-growing discussions we've had in the last year. Dan was transparent, willing to be wrong and willing to calmly walk through his reasoning when he felt strongly about an approach. He had nothing to hide and that makes everyone feel better.
