Given the rollercoaster impact of volatile markets and the need to pay attention to what’s happening to your investments and financial plan, clearly understanding the impact of your advisor’s scope of advice and deliverables is critical. Emotions play a large part of how people select and interact with their advisor. For example, the fear of loss is a more impactful influence on behavior than potential gain. An investor may be wishfully thinking something to be true, even without evidence, lacking objectivity, which is a condition called cognitive bias. Several prospects we’ve talked to recently have just come to the realization that their performance from their current advisor has been flat over several years despite the decent returns from most indices. They unfortunately sat idly by and after 4-5 years had elapsed, woke up to the reality that they virtually achieved no net gains on their portfolio. An investor may assume they’re doing ok, are properly protected from all the crazy volatility or their financial plan is relevant in today’s environment, or that their financial professionals, financial advisor, CPA, attorney, are collaborating together on their behalf.