5 Small Portfolio Fixes That Make a Big Difference: Advisors' Advice

Looking at clients holistically — taking in their big-picture needs, goals and personalities — may be key to successful financial advising. Sometimes, though, even a seemingly small recommendation can make a major difference to a client's financial well-being. Familiarity with relevant regulations and policies and how they might affect particular clients can lead to one change that enhances wealth by thousands or even millions of dollars. Finding minor portfolio adjustments with a major impact is not just a helpful service for existing clients. Offering prospective clients a "second opinion" on their portfolio can be an effective way to persuade them to switch advisors, as Mitlin Financial founder Larry Sprung pointed out in a recent interview. We asked advisors to tell us about a time they made a minor adjustment that made a big difference in a client's portfolio. Check out the list for five of those changes. Some responses are edited for clarity.