What is your definition of superior money management? How many definitions do you think are out there? How many do you think you really need? Now the tough question: What is your client's definition of superior money management? How many have you asked? How many clients had the same definition as you?
Client expectations can best be managed when their definition of superior money management and your definition match, would you agree? Well, the only way you can achieve that with every client is through taking the time to properly explain your definition and show them how you will measure your results. You can only be sure they have got it when they can explain it back to you so be sure to ask. There are ways to set client expectations, construct a core/satellite portfolio to improve portfolio efficiency, and conduct a quick and easy portfolio review.
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