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A vital part of an advisor's job is modifying client behaviour.

The types of client behaviour that warrants the most attention, generally speaking, are behaviours that are at variance with -- if not in opposition to the realization of a client's own long-term financial goals.

Throwing a disproportionate amount of one's capital at a fad, such as tech stocks in 1999-2000, is an obvious example. Panicking completely out of equities in a major market decline is another. Fixing your income in bonds at retirement, when you still have another thirty years of rising living costs to fight off, is yet another.

Irrational behaviour is acting against one's own best long-term interests because of some powerful psychological impulse. That's what advisors must counteract -- and it is where good advisors bring significant added value to their client relationships.

Advisors must prepare themselves to serve as a "behaviour coach" for clients, by eschewing selection and timing as even a small part of their value proposition, and by understanding and espousing that most of a client's long-term real-life returns come from -- or is lost to -- behaviour. It should be emphasized that behaviour modification is not a sales pitch, but rather a belief system.

Many clients will ask how they should invest "in today's market". The premise of a question such as this is that an advisor's fundamental message changes -- or ought to change -- with the state of the markets. Of course, the opposite is true. Ask Warren Buffett -- he will tell you that "great advice never changes; that's what makes it great". Faith, patience and discipline are the attitudinal/behavioural keys to investments success, and that never changes. Asset allocation, diversification and rebalancing are the keys, within the portfolio, to how it performs over time, and that never changes. A good advisor is saying exactly the same things now that he or she said at the top of the market in June 2008 and at the bottom of the market in March 2009. "Today's market" has nothing to do with anything. It merely reflects the score of the game at a particular moment in time.

Now, having said this, we must bear in mind that not all investors are created equal. So, how one invests -- note not when one invests -- is entirely dependant on various factors, including the investor's age, risk profile, timelines, objectives, etc. Thus, although the advice an advisor dispenses to his clients is not predicated on the state of the markets, it is most assuredly based upon each client's investor matrix.

Two of an advisor's greatest obstacles in trying to instill long-term optimism in clients are human nature and the media, both of which are fixated on short-term events and outcomes. An advisor's task is to ignore this 'noise', and convince his or her clients to ignore it. All truly successful investing is the result of a long-term goal focus.

When clients lose sight of their big picture, including being too worried about how much money other people are making, it's time for the advisor to have a heart-to-heart with his or her client and remind them about their long-term goals. An investment policy statement is a great document to have on file in these instances. It specifies the client's objectives, and provides a clear and unambiguous path that should consistently be followed, regardless of the market, the 'noise' or the neighbour's outrageously high investment returns.

Those clients whom are not amenable to embracing this viewpoint -- i.e. looking at the big picture instead of worrying about how the market is performing at a given moment in time -- should not create angst for their advisor. Rather, the advisor should just keep singing the same song, and hopefully the client will eventually 'get it'. If they don't, the advisor can certainly not be blamed for failing to try. You can lead a horse to water...

An advisor can only steer his or her clients to financial independence through the diligent practice of time-tested principles and practices. Client's that place their faith in their advisor, follow his or her instructions and stay the course will typically be happier when the transition to retirement commences. Long-term investing is a marathon, not a sprint. And when it comes to long-term investing -- although there is no promise or guarantees -- it's typically the old story of the turtle and the hare"¦ and without giving up my age, let's just say that I've been around long enough to know that the slow, steady and tenacious little turtle wins the race most of the time.

Bottom line, don't let your emotions get in the way of working with your advisor in a positive and constructive relationship and following their advice. Having said this, if you are not happy with your advisor or the advice he or she dispenses, one would have to be careless and/or foolish not to seek a second opinion from a second advisor. If the second opinion confirms that your advisor appears to be on the right track you will feel much better about your investments and your advisor. And, for the most part, you will be at peace.

If, on the other hand, the second opinion confirms your suspicions that your advisor appears to have veered off course, you will have done yourself a great service by having taken the time to obtain the second opinion, and you can then begin to look for a new advisor to properly manage your investments. Seeking second opinions is common practice in the industry, and should be encouraged by any advisor who is confident about the quality of his or her management of your investments.