Quote of the week

"[People] don’t expect retirement to begin with social security and sit on the back deck in a lounge chair for the rest of their lives. This group really wants to remain active."

Jeff Cimini, head of personal retirement at Merrill Lynch

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While there has always been “something of a disparity” between investors’ expectations and how advisors interpret what is expected of them, this gap has been exacerbated amid the recent financial turmoil, says HNW, Inc. chief executive, Stacey Haefele.

A recent study by Charles Schwab Advisor Services outlined that almost three out of five independent advisors (59 per cent) anticipate difficulties in attaining their clients’ goals - a figure which was considerably lower among investors, at 32 per cent.

Previously, when advisors and clients have been asked to state what they value most from their primary advisor - portfolio performance or the quality of the relationship - most clients will value the former, while advisors, on the other hand, tend to overemphasize the value of the latter, Haefele told this publication in a recent interview. HNW, Inc. is a US marketing firm serving financial businesses.

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