By Liz Skinner
Some client
behaviors foretell that a relationship is not going well. Even though it’s not
easy to fire a client (and let go of that revenue), if a client is doing one of
these nine things, the adviser should seriously consider showing them the door,
according to experienced financial advisers.
Heather Ettinger, founder of Luma Wealth, Hannah Buschbom, partner at Ameriflex Financial Services, and Kathleen McQuiggan, wealth adviser at Artemis Financial Advisors, said these behaviors signal it’s time to cut a client loose. The trio spoke with InvestmentNews at its Women Adviser Summit in Denver Thursday.
Here are 10 additional signs you should fire clients offered by practice management experts.
Heather Ettinger, founder of Luma Wealth, Hannah Buschbom, partner at Ameriflex Financial Services, and Kathleen McQuiggan, wealth adviser at Artemis Financial Advisors, said these behaviors signal it’s time to cut a client loose. The trio spoke with InvestmentNews at its Women Adviser Summit in Denver Thursday.
Here are 10 additional signs you should fire clients offered by practice management experts.
Cybersecurity
scorn
When
clients resist your efforts to confirm wires and details of trades, arguing
that their email requesting the transaction should be enough.
Set on
surpassing markets
If
clients focus only on outperforming the markets without concern for their own
investment risks and goals.
Outlandish
reactions
When
they freak out about short-term declines in their accounts after repeatedly
discussing their long-term investment strategy and goals.
Who?
What? Where? When?
When no
matter how clear you are about client expectations, clients always question
your suggestions. This signals the trust just isn’t there.
Dodging
the review
If
clients don’t want to come in for a review meeting, it may show they don’t
value the work the adviser is doing for them. When a client is paying an
adviser, he or she should be eager to hear about the progress that's been made
toward meeting financial goals.
Foul
conduct
If they
treat support staff poorly, as if their role isn’t important.
Are we
still friends?
You
move in the same social circles, but you’re not spending quality time with
them.
Sharing
is caring
If a
client isn’t talking more than 50% of the time during meetings, he or she is
not really sharing enough about their lives.
Excludes
spouse
When
you are working with a couple but only communicate with one of them. This could
portend trouble between the couple or a lack of a commitment with the adviser.
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