The author noted the four cornerstones of wealth as investments, risk management, banking, credit and liability management, and trust estate and fiduciary services (Finder, 2013). The identification of these four considerations is imperative since it reveals the focus of financial professionals. Financial professionals are required to enhance their client’s understanding of the various considerations in the acquisition of wealth. Consequently, it is evident that clients seek out financial services that demonstrate an understanding of the four cornerstones of wealth. The examination of the cornerstones of wealth is imperative to understanding comprehensive wealth management and gaining clients in practice.
In order to illustrate desired behaviors of a financial professional, the author chose to parallel financial professionals to physicians. Consequently, the reading associates the need for trust in carrying out physician activities to the financial world. In order to gain trust from the client, the reading proposes that financial professionals can employ approaches used by physicians. The approaches I found most applicable include the use of empathy and the expression of intellectual appreciation of the client’s situation (Finder, 2013). In addition, I also acknowledged the use of expression of positive reinforcement in association to the clients’ action, self and possessions as an imperative approach to gaining the trust of clients. It is evident that financial professionals must offer reassurance, encouragement and support to the clients to gain their trust.
The reading also examined the focus of most financial professionals, which represent the goals of their clients. There are different aspects of financial management that clients prioritize while seeking financial assistance. These include saving for retirement, funding education, creation of a profitable business (Finder, 2013). Protection of assets and providing support for parents and guardians. After reviewing these priorities, I discovered the need for every financial professional to demonstrate a deep understanding of the priorities to enhance their service provision to clients in the provision of advice and financial management.
- Finder, R. (2013). The financial professional’s guide to communication. Upper Saddle River, N.J.: FT Press.