| The Progress Center is dedicated to raising the standards of the financial services industry, which ultimately benefit you, the client. |
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Investors are the heart and soul of the financial services industry. Without you, there is no investing. Financial services firms exist for only one purupose: to help you identify, define and achieve YOUR financial goals. You unequivocably deserve the most professional advice and service available.
Your financial success is predicated on your advisor's ability to "identify, define and achieve YOUR financial goals". We exist to teach financial advisors how to do this to the utmost of their ability. The end result is YOUR success.
The Progress Center is raising industry standards by which each advisor and each firm should be evaluated. To that end, we have created a list of Reasonable Client Expectations of their Financial Advisor. We believe you should review this list to determine if you are receiving world-class service from your financial advisor(s) and firm(s).
The Process
You should insist on these "basics."
 | Primary Objective: Identify, Define and Achieve YOUR Financial Goals and Objectives
The primary function of your financial advisor/firm is to help you identify, define and achieve your financial goals and objectives. If you are like most of us and cannot clearly and succinctly state those goals, your financial advisor should be able to help you do so. In order for him to do so, he must ask numerous probing questions. (You may elect not to answer all of them, but the more thorough an understanding your advisor/firm has of you and your goals, the better able he will be to make appropriate investment recommendations.) The advisor who doesn't even try to conduct an in-depth financial profile should be avoided.
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| | A Written Investment Policy
After your advisor has taken notes about your financial goals, he should be able to prepare a written investment plan for you. Review it carefully to achieve an understanding of why you are investing money in each of the investment vehicles. Be comfortable with how each investment is going to help you achieve your financial goal, either wholly or in part. Depending upon the complexity of your situation, your advisor may have to incorporate the expertise of other professionals on his strategy team.
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| | An Investment Philosophy/Approach
Your advisor should be able to explain both his and his firm's approach to investments (also popularly called an investment philosophy) in a way that makes sense to you and seems reasonable in light of your investment needs and objectives. Your advisor should have an investment approach that includes predetermined criteria for specific investments. Additionally, the risks of each investment should be carefully discussed, with contingency plans in place in case unexpected economic or market events occur. You must feel comfortable with the investment approach.
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| | Updating and Revising Your Investment Policy
At least once every quarter, your advisor should provide a verbal update for you on the performance of your investment plan. At this time it is importatant to tell him of any changes in your financial or personal circumstances so that the plan can be revised, if appropriate. A comprehensive review should occur at least once each year. If changes in your life and/or financial situation call for an immediate conference, call right away. You have the right to do so at any time you see fit.
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| | Risk and Reward
Every investment has potential risks and rewards associated with it. Your advisor should explain both sides of the equation, especially the risks. Additionally, you should regularly assess your risk tolerance and review your profile with your advisor. |
How The Progress Center Helps Clients
By working with individual advisors and their firms, The Progress Center raises the standards of the financial services industry by helping advisors upgrade their skills to deliver professional advice and world-class service. It offers curricula in four essential areas (shown below) that are necessary to deliver comprehensive advice and service.
You Are the Heart and Soul of the Financial Services Industry
Yes, you are the heart and soul of the financial services industry. You are the client with investment assets upon which all business is based. You deserve the best professional care available. Here at The Progress Center, we acknowledge your importance within our industry as we set high standards for any and all advisors/firms with whom we train. To better understand the high levels of proficiency that we insist our students obtain, click here onto one of the areas of study shown in the diagram above. Insist on quality.
(c) 2003 The Progress Center. If you should have any problems with this page, please e-mail us at seller@sellerdoor.com. Your satisfaction is of utmost importance to us!
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