When we talk to our clients in the financial advisor community during “normal times,” we often hear them describe themselves as “consultative.” When asked what that means, they tell us that they start with thorough discovery and tailor their approach and solutions based on what the client says is important to them.
The approach described above is a proven way to build confidence, comfort, and ultimately, trust in the relationship. Our team describes this as the professional advisor acting as a “thermometer," because in simple terms, he or she is taking the client’s temperature before prescribing a course of action.
While that will always be important, there are times when it is the professional advisor’s job to instead play the role of “thermostat.” A thermostat does not take the temperature. It sets it.