Updated Saturday, November 1, 2014 as of 6:36 AM ET

What to Ask When Clients Overspend

Since the onset of the financial meltdown, advisors have found themselves taking part in a host of intimate discussions with their clients as shell-shocked investors began to reexamine their possessions and spending, and many began tightening their belts.

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Comments (3)
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Posted by Tricia W | Wednesday, September 04 2013 at 10:35AM ET
Greg Salisbury's insight is invaluable and even exceeds the primacy of investment related counsel. Everyone benefits when budgeting is advanced in a VERY tactful way as the core of every advisory relationship.

In the 70's when the old Stanford Research Institute (SRI) established what configuration of financial services constitutes a financial plan, budgeting was not included as at the time as the early emphasis was on making the rendering of financial service for a fee economically viable as opposed to traditionally earning a commission for completed sales. The thought was because no revenue was generated in budgeting, it was not helpful in formulating financial planning as an economically viable enterprise.

The industry has now matured 40 years later to the point where fee based services are economically viable and the value of budgeting can be easily incorporated.

Thus Greg Salisbury's observations are wise, topical and timely for the troubling economic times of today.

SCW
Posted by Stephen W | Wednesday, September 04 2013 at 10:48AM ET
Very true it such a uphill task to make the client realize that they will have to cut down on their expenses.We therefore regularly meet up with them explain the details. The customers utility bills are the most difficult to deal with as you rightly explained.Most of them have made great adjustments after the slow down but sometimes there is more to be done.
Posted by tasha123 s | Monday, September 09 2013 at 6:15AM ET
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