Investment portfolio construction is a skill that gets better with time and practice. A well-trained investment professional understands that there is much to this process that can be very difficult to measure or predict. No one should discount the emotional effects of the current state of the stock market and its negative effects due to the client’s irrational decisions.
Goals, time horizon, risk tolerance & capacity, resources, constraints as well as expected investment returns can change very quickly with the changing economic environment and life events & circumstances of the individual investor. An experienced investment professional can help coach the client to make the right decision when things get blurry & confusing. The ability to coach clients comes from experience and years of dealing with situations of lost sound portfolio management fundamentals fueled by euphoria, greed, and fear.
Investment advisors master this skill and get better at it with practice, day after day, just like driving a car, you get better by practice.