Mirick O'Connell: Wealth Adviser: Getting a Handle on Clients’ Investing Habits

Financial advisers routinely ask clients about their long-term goals before crafting an investment plan for them. Cincinnati-based adviser Mark Matson also asks them to describe their own history of investing, to identify “patterns of behavior, both good and bad.” This review not only helps the adviser know his clients’ tendencies, but also allows clients themselves “to confront past mistakes so that they can avoid repeating them in the future,” he writes on Wealth Adviser at WSJ.com. As Mr. Matson points out, lots of online tools enable and encourage people to do their own investing. “If a client isn’t actively engaged and educated by their adviser, their poor investment decisions can sink even the most efficient portfolio.” Read more