We thought we would share these eight reasons that clients fire advisors. They are provided by a Financial Advisor in Philadelphia. Clients have the right to expect financial advisors to be honest, but also to care about them as people, not just figures in an account.
- Making claims they can’t keep. Claims such as, “I can consistently give you above-market returns,”
- Giving them the impression that new business is more important than serving current clients. Clients don’t expect to be ignored once they sign on.
- Letting clients do things that may not be in their best interests just because it is expedient. Financial advisors are expected to tell people when they are about to make a mistake.
- Failure to promptly return phone calls. There is no excuse for failure to return calls promptly.
- Staff members who have the attitude. The staff is there to serve you cheerfully and competently.
- Failure to do comprehensive financial planning. This does not necessarily mean producing a 100 page plan, but to get involved with risk control, cash flow, tax and estate issues. That’s what planning is about.
- Not fully understanding clients. How can I help you if I don’t know you?
- Placing a priority on the investment portfolio over the client’s life. A portfolio is the means to a goal, not the goal itself.