If you have ever been in the market for a home, you have likely gone through the experience of having to make some concessions on your wish list. Perhaps it is slightly more than you expected to pay, perhaps the view is not as desirable as you had hoped, perhaps you preferred a finished basement to an unfinished one…it’s the nature of the beast, so to speak.
Similarly, when finding a Portfolio Manager and/or Investment Firm it is likely that there will be something that you are not overly excited about; that is completely normal. I would even go so far as to say that if everything seems too perfect, that is a red flag! Still, you may find yourself in a situation where you may be happy with the Portfolio Manager(s) but not necessarily with the firm or the way it’s run, etc. and the opposite may be true too.
So, what is the solution? Ultimately, it is a decision that you have to be comfortable with. Bear in mind, however, that if you are happy with the Portfolio Manager, but not happy with the firm itself, it may eventually wear on your relationship. Of course, it is probable that not everything in your relationship with the firm or your Portfolio Manager will be flawless at all times, so treat the relationship with your Portfolio Manager as you would any relationship. Being open and honest through regular communication is a big part of that. If there is something concerning or something you aren’t super happy about, let it be known.
What I appreciate the most from our clients is when they provide me with feedback either personally or about the firm. It is typically communicated as a means to either affirm what we are doing or to help us improve. Whether it be good or bad, I am truly grateful to them for taking the time and effort to help us do better, which is why I always take that feedback to heart. Our desire is to serve you in the best way possible and honesty and transparency will help us get there.
Proverbs 15:31 “Whoever heeds life-giving correction will be at home among the wise.”
Janet Kim Sing, Portfolio Manager
Capstone Private Wealth