Today's Struggles Are Tomorrow's Strengths: Lessons learned from the financial crisis

Youngwirth, Joni
September 2009
Journal of Financial Planning;Sep2009 Solutions, p12
Academic Journal
The article offers information on the lessons learned by advisers from the financial crisis. Advisers and clients have learned that they need to recalibrate their risk tolerance considering the inflexibility of the market prices. Humility is important for advisers because they show the willingness of learning from their mistakes. Advisers have been recommended of simplifying their lives by reducing the number of clients, products and projects because of the difficulty of managing them. Moreover, clients need to strengthen their client relationships and reassess the method of selecting their clients.


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