Goals-Based Planning – Is it a free pass for your advisor?

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  • In theory, goals-based planning for clients makes a lot of sense. Make long-term goal achievement a priority relative to account performance.
  • Our concern is that the original intent of goals-based planning has morphed into a potentially self-serving interpretation for some financial representatives.
  • We believe the financial advice industry still needs to make significant strides towards better transparency for client account performance against a suitable benchmark.
  • Many things can be gleaned when performance is examined relative to a benchmark such as fees, suitability of investments and alignment of stated goals relative to portfolio structure.
  • Good or bad, your advisor “owns” the performance of your investment portfolio.  Ask questions and demand thoughtful answers.  Don’t give them a free pass.