This is what a new client said to me recently, and I don’t have a problem with it. My new client has been a widow for three years, and has done nothing with her assets or those she received from her husband. She finally feels ready to move forward and had asked me to look at her situation. She has accounts everywhere, with many different titles and tax considerations. I initially asked her to provide basic financial planning information to me; a list of the accounts, an expense summary, and a lot of discussion about her hopes and dreams going forward. After a few meetings, she decided she would like me to help with the management of her investments, but not all of them right now. This is where the dating begins.
She wants to get comfortable with our process, learn how to confidently read her new statements, learn to live with a new cash flow plan, and deal with taxes. She has one account that came to her in a wacky manner that caused her to pay a lot in tax up front, plus, she is paying too high of a management fee in my opinion. This is the one account she did not want to move to my management as of yet, we have not dated long enough. I do not have a problem with this; I did suggest that she ask for a reduction in management fees from her current financial advisor.
Getting to know your client and advisor through the “dating” process can lead to a very long and successful relationship.

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