Creating a modern practice is fraught with challenges today, between inflation, rising rates, and multiple unprecedented geopolitical crises, the modern advisor is tasked with making sense of the incomprehensible.
Though keeping clients calm amid a likely global recession might be an impossible task, there are ways to find opportunities and protect your client’s assets. ShoreHaven Wealth Partners was founded by father and son team Lawrence and Michael Durso and is building a modern practice that takes advantage of the perspectives of multiple generations.
“I think that’s so much of it is just like being thoughtful around what clients are looking for today versus what they were looking for in the past.”
With many investors understandably skittish, how an advisor communicates with their clients is incredibly important. Durso says that ShoreHaven has an app, which can communicate important information to clients and keep a timeline.
“I’m going to start filming like 30 seconds to two-minute video,” Durso said, “in regards to the changes in the model, why we’re making them, and why we believe that’s a good position going forward.” Just because ShoreHaven is using technology doesn’t mean they are entirely abandoning tradition. “We’re still going to do our reviews with clients, whether it’s quarterly or semiannually, depending on the client. But in addition, it’s just going to be an additional touch point where it pops up in your app and says, ‘you may have noticed some trades in your portfolio, here’s the rationale behind them, here’s why we’re going from these positions to these positions,’ and just give a little quick overview.”
Exchange: An ETF Experience is coming February 5th through February 8th and offers advisors a chance to network with other advisors, learn from peers and experts, and ready their practices for the challenging times ahead. Registration for Exchange is now open: www.exchangeetf.com.
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