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ArticleRethinking 65: What You Lose When You Lump Clients in Categories



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Published Monday, November 22, 2021 | Rethinking 65

In an article titled, “What You Lose When You Lump Clients in Categories.” In this article, Dr. Karen C. Altfest, Ph.D., CFP ®, discusses how framing people or groups in categories becomes a form of shorthand for certain qualities you believe that they share. It’s a surefire way to misguide clients and sabotage advisor-client relationships, among other things.

Key Takeaways:

  • As financial advisors, the work we do is very intensive and should pertain only to the specific individual or couple who are being advised at any one time. You also can make mistakes in the advice you give if you rely too heavily on categorizing clients.
  • Just as there is no one stock to recommend for the entire audience at an investing lecture you are giving, no one retirement plan that works best for everyone listening to your webinar or no single amount of savings that everyone needs to know that they can retire on, there is no single best financial advice for everyone.
  • Advice should depend on personal circumstances, desires, needs and individual traits. It also depends on savings, spending patterns, how far off the client’s retirement date is, their current health and their medical experiences.

Read the full article: What You Lose When You Lump Clients in Categories – Rethinking65



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