The net and profits: The perils and pluses of the web for financial advisers and clients

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The net and profits: The perils and pluses of the web for financial advisers and clients

Published: 16/01/2011 at 02:27 AM
Newspaper section: Spectrum

'A good topic for your column would be, 'Things you can't do for your clients'," a client told me recently. At first, I replied, "I love you too!", but considering it more carefully, I realised it was a good idea in the context of the discussion we had just had. He was unable to download the updated unit prices of some of his investment funds onto his iPhone. Why should something like that be so difficult in this technological age?

This raises a point I looked at last year about how much involvement you should have in the management of your portfolio if you have retained the services of an independent financial adviser. I discussed the importance of finding a balance, where you at least take an interest and learn from meetings, discussions and advice. But too much involvement may restrict your adviser.

He could feel as if he is being strangled rather than given a chance to do his job.

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: Writer: Andrew Wood; Position: Writer

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Discussion 1 : 16/01/2011 at 11:07 AM1
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Your article seems to assume that all "financial advisers" are equally competent. This is not the case, even in highly regarded institutions. The client should also have the right to profile his/her prospective adviser and, when in doubt, request a change of advisor as has happened to me in the past. Clients based overseas long-term with a portfolio managed back in their home country rarely have the opportunity to meet their advisor face to face and develop the necessary interpersonal relationship. No doubt this is one reason for the frequent electronic communications, especially in the case of the expat client.
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