Conquering or Overcoming FOCO
Let’s be honest: When someone starts talking to an investment adviser about transitioning their back-office servicing relationship from one service provider to another, the first reaction of that firm’s decision maker is somewhere among stomach ache, dizziness and downright fear. Am I right? Whether one admits it out loud or not, I know the answer to that question is yes because it would be my answer too -- if I didn’t know better.
Unfortunately, too many investment advisers tolerate service levels which become less than desirable or acceptable, not because of FOMO (Fear Of Missing Out – ask your kid or other resident millennial what that is!) but rather, a quick retreat to a stance of FOCO or Fear Of Converting Out.Read More >