Retirement Planning

In Financial Relationships, Trust is Key

And for Charles W. Canyock, ChFC®, RICP®, AIF®, the answer often surprises clients.

“I say back to them, ‘Why should I trust you?’” said Canyock, a registered principal and wealth management advisor with LPL Financial. “You’re asking me to put a lot of work and care into you – I need to know that you’re telling me the truth in order for you to understand that I’m telling you the truth.”

LPL Financial, LLC, is the second-largest independent broker-dealer in the U.S., with more than 14,000 financial advisors across the country. Canyock, based in Mt. Clemens, MI, provides tailored wealth management solutions to investors ready to take control of their financial futures. Canyock does not require a minimum asset amount to sign on as a client, but does look for personal “fit.”

canyock450x600“What I offer clients is simply this, ‘If anyone you refer to me, uses your name when they call, then I will offer them a complimentary meeting and that I promise they will walk out of that meeting with a better understanding of their situation. But I can’t guarantee that they’ll become a client,’” Canyock told “Advisors Magazine” in a recent interview.

The trust talk represents just one of the difficult conversations Canyock routinely has with clients. Investors come to their advisor often with limited financial knowledge, a lack of direction, and an inability to clearly articulate their needs. Canyock helps these clients sort their finances out.

“The client doesn’t know how to accurately define their risk tolerance for themselves,” Canyock said, adding that he often compares clients’ claimed risk tolerance to their actions. “I say ‘nothing you do suggests that you are this person that you think you are.’ I’m not doing it to upset them, I’m doing it to say, ‘If you continue on this path, you’re not going to get there, these results are not going to make you feel good.’”

Difficult conversations require effective language. Canyock does not bog down his clients with financial jargon and impenetrable charts; instead, he focuses on client education and developing investors’ awareness of how their money works.

“I am not afraid to talk to people the way they understand,” Canyock said. “I don’t need to talk about alpha and the various technical measurements, or risk profiles to prove that I’m a financial professional.”

And that means telling clients what they likely already know, but refuse to accept. The new pool can wait, a used car might be better for now than a dealer-fresh model, and maybe competing with the neighbors is a bad idea.

“It’s people borrowing money to go out to dinner, it’s people borrowing money to buy a TV – you don’t see as many older cars with rust anymore,” Canyock said. “The guy next door doesn’t show you his 401k balance or his bank account before he puts in a pool.”

For more information visit: Charles Canyock LPL

 

Securities offered through LPL Financial Member FINRA/SIPC

 

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