Financial Advisor IQ – December 9, 2014
The article in FINANCIAL ADVISOR IQ, a Financial Times service, discusses some of the challenges advisors face when working with relatives as clients. In it David Schneider explains that a family relationship is a “good way to get your foot in the door, but it’s not a basis for continuing to work with somebody,” and that “You have to put relatives through the same educational process and vetting process as you put someone who’s coming in off the street,” because “You have to make sure they’re actually on board with you, or it can be a disaster” since disagreements over strategy can be magnified when advisor and client are family.
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