Managing expectations: How the pros do it

Managing expectations: How the pros do it

Managing expectations: How the pros do it
It was way back in the 1970s that Krista Kerr’s father, then working at the old Coopers Lybrand, realized there was a new industry emerging in Canada.  Like many working in the large firms at that time he realized there was a new niche opening up around personal financial advisory services. He took his strong knowledge of taxes and estate management, left the big firm, became one of the original personal financial advisors.  

“He felt there was a gap on tax estate planning. He didn’t know there was a name for those who worked with individual families who helped with estate planning strategies,” says his daughter Krista.   

Since then Kerr Financial has generated an extremely solid reputation managing the money, estate and tax issues for a relatively small group of well-off families.  Today, Krista is the CEO. She recently talked to Wealth Professional about how to manage expectations of clients who want to spend beyond their means.  

“You’ve got to extract the bigger picture for the client,” says Kerr. “If someone wants to take the bigger trip, buy a bigger house. You’ve got to bring them back to the big picture.

This is one of the most basic challenges of the modern advisor: The client wants to spend outside of their means on a bigger boat, vacation or another home. To the client, it only makes sense to spend now—what are you waiting for? For the advisor there is a dedicated plan that needs to be followed. Balancing client demands into touch with reality is the basic challenge every professional advisor faces.


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