The Advice That Clients Don’t Take

People see financial planning consultants for any number of reasons. Because they want to protect their assets, grow their wealth, fund their retirement and more. Some of these clients know lots about investing while others know very little. There are clients that consider their financial planning consultant’s word as law while others take any advice given with a grain of salt and continue to place their money where they see fit.

According to Richard Cayne of Meyer International, both types of clients are great. As the old adage goes, “an educated client is a good client” but it’s also nice to feel like a trusted professional.

“I like to think that everyone hangs on every word I say,” joked Richard Cayne, “but, all joking aside, clients may not take my advice for a number of reasons. Maybe they have spoken to another planner and followed their advice or perhaps they have their own ideas about investing that differ from my own. Maybe they’re not so sure that the quality of my advice is good and don’t want to act on it with all of their money. Every planner is not a great fit for every client,” said Richard Cayne about when clients don’t take advice.

Read on to find out more about the most common advice that clients don’t take and why:

Conservative Investing Versus Risky Investing

Some investors love the thrill of the buy and the drama of watching their investments boom or bust. Since Richard Cayne and the team at Meyer International tend toward the more conservative end of the investment spectrum, some clients that are larger risk takers may not take advice aimed toward creating more conservative portfolios.

Fear of Offshore Investments

Cayne and the other professionals at Meyer International often advise clients toward offshore investments for a variety of reasons that include: tax relief, privacy and confidentiality. Some investors have a fear of international investment based on ill-conceived ideas that it is insecure or unsafe. So, it has been many the times that Cayne’s advice has not been taken out of fear of the unknown.

Inability to Plan Far into the Future

Sitting down with Richard Cayne in his office, he will often try to sketch out your finances years and decades into the future based on salary, savings, investment, expenditures and lifestyle. It can be hard for some people to begin planning for things that won’t happen for 20, 30 or 50 years; such as their own retirement or caring for an elderly parent. It can be hard for such far-off goals to seem like a thing worth saving toward today. These are other pieces of advice that Cayne has often seen clients choose not to take.

For further information about wealth advice or other investment topics, Richard Cayne and Meyer International can be reached at (+66) 02 611 2561