by joe innace
ADVISORS
AS COACHES The importance of behavioral finance
Everyone goes through difficult times, financial or otherwise. Recovery from an injury is faster with a physical therapist, and so too can be recovery from a market downturn – with a strong financial coach.
40 / ADVISORS MAGAZINE SEPT 2020
“Coaching” is a word mentioned frequently by founding partner Robert Cepeda, CFP® and BFA™, at Quest Financial Services in Orange County, New York. In a recent interview with Advisors Magazine, Cepeda made clear that serving as a financial coach, armed with deep knowledge and the latest information, is what drives him and his 10 team members. The approach, he maintained, is what gives his firm a leg up on the numerous robo-advisors nowadays.
“People prefer a doctor because it’s personalized,” Cepeda explained. “People need and want someone to coach them, especially through the tough times.” He refers to a financial advisor as an accountability coach; not unlike a trainer working to keep someone who wants to get in shape on track. “An advisor helps keep a person accountable to the financial goals and objectives, and helps make adjustments. Sometimes a person lacks the awareness that a change needs to be
made.” Advisors must educate themselves continually by talking to other financial professionals and having the willingness to embrace a lifelong learning process, added Cepeda. “Because I have a good team, we can stay on top of all the research and focus on the specific needs of our clients,” he said. “Many self-starters, those who try robo-platforms, lose interest quickly. We keep clients engaged and focused.” Most people are good
