Relationship of Trust

Chris Meacham was quoted in a Financial Planning article that discusses errors and omissions (E&O) insurance. The author discusses the challenges of acquiring E&O insurance and concludes that the best approach for financial advisors may be to "work carefully to avoid claims-particularly as several claims in a year could lead to cancellation of a policy." When discussing how to avoid claims from clients, the author quotes Chris as saying that the key is to be open and direct in dealing with clients. Chris further explains that if you make a mistake, it is essential to notify your client right away. Chris adds:

In our business we are involved with every aspect of the financial affairs of our clients. There is a relationship of trust.

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