ADVISER ALERT
News for Brokers, Wealth Managers And Their Clients
Pushing for the Full Picture
Once in a while, sometimes years into the relationship, one of Chris Walters's clients will mention holding an investment Mr. Walters didn't know existed.Clients may withhold information out of distrust or forgetfulness—and some advisers don't probe too hard "for fear of overstepping their role," says Mr. Walters, the head of CitizensTrust, the wealth-management unit of Citizens Business Bank, Ontario, Calif.
But advisers can do a better job if they know all the facts. And by asking more questions, Mr. Walters and other financial pros say they win clients' loyalty and a shot at becoming the "quarterback" among a client's multiple advisers.
Clients like advisers who take a broad view, says Rob Clarfeld of Clarfeld Financial Advisors in Tarrytown, N.Y. "You're the only one looking at things in a holistic way."
Still, some clients are hesitant to be fully open. Kurt Rozman of Rozman Wealth Management in Brookfield, Wis., tries this strategy on them: He asks in detail about their goals and talks about how having a complete picture of their financial lives will help to get them there.
Seeking Income Solutions
Income strategies such as annuities and systematic-withdrawal plans are attracting a bigger share of assets rolled over from 401(k)s and other employer-sponsored retirement plans, a Spectrem Group Inc. study found.
This year, about 10% of rolled-over assets went into an income strategy, up from about 4% in 2000, Spectrem says.
Of the money that went into income strategies in 2011, 43% went into systematic-withdrawal plans, where a financial firm provides periodic payments from an investor's portfolio.
Some 31% went into annuities; 22% went into a structured portfolio, primarily fixed income; and 4% went into other solutions.
Written by Dow Jones Newswires writers Thomas Coyle (thomas.coyle@dowjones.com) and Daisy Maxey (daisy.maxey@dowjones.com).
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