“We place the client first” is a common tagline many wealth advisors and firms advertise to their prospects and clients. In operation, it can be difficult to verify specific actions that reflect a truly client-centered approach. It might mean the firm ignores its own cost or revenue considerations in serving clients, e.g., the firm is willing to accept a lower profit margin in order to provide needed services to their clients. It may indicate the firm is willing to provide solutions that may not always be in its own best business interest but is part of its ethical or fiduciary duty to the client.

The degree to which these choices are made may be difficult to pin down. Ultimately, clients who feel well-served and attended-to without running into roadblocks of fees or service problems may believe their firm is “client centered.”