CHICAGO - Financial advisors need to change the dialogue they are having with clients in order to overcome the dramatic decline in public’s trust in banks since the financial crisis, Merrill Lynch Wealth Management Head John Thiel said Thursday.
“We got drunk with the performance of the bull market, 12% a year every year in equities from 1982 to 2000,” Thiel told the audience of wealth management professionals at the SIFMA Private Client conference on Thursday. “But the world changed and our dialogue, our approach, didn’t. It needs to. We need to talk about what our clients goals, concerns and priorities are and map absolute performance to that objective.”
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