As a financial advisor, you want to ensure that you’re providing your clients with the best service possible. Even in the times where you are providing individuals with the very best, there are times where you are going to come across challenging clients, and it’s good to know a few of the warning signs. In today’s blog post, we are going to touch on some of the signs that you should keep a lookout for. If you notice them with any of your clients, you may need to consider sitting down with them and talking about it or, in severe cases, firing them. Let’s dive right in.
Communication is a massive part of being a financial advisor, but there is such a thing as too much communicating. Over-communicating is the first sign that we’re going to touch on in today’s blog because it also happens to be one of the most common signs that financial advisors come across. Though it is entirely understandable why clients trusting you with their money in the form of investments or guidance would want to be kept in the loop, you need to be able to recognize when they’re going overboard.
Take a moment and think about your clients and how often it is they’re calling you. If there is someone that is contacting you every day to get an update on their finances or discuss their investments with you, this may be someone that you need to sit down and talk to. One of the primary reasons that this is such an issue is because of how much time it takes up. While they may feel like they’re simply checking in, they’re not genuinely valuing the work that you are doing.
In the end, this is certainly something that you’ll need to use your best judgment to determine. Is your client contacting you every day because they’re a new client and you haven’t established that relationship yet? Are there issues with their finances that you aren’t being honest with them about that could be creating this tension? Or is them contacting you regularly simply happening because they have your number and can call you? Whatever the reasoning may be, it’s good to set up a meeting and discuss this with the client. If it doesn’t improve over time, it may be best to fire that client entirely.
As we said before, demanding clients are one thing, but the clients that give you nothing but grief are another thing entirely. There may be times where you have clients that you simply don’t get along with. Of course, you’ll always want to try and work through any tensions that are simply there due to a lack of comfort. However, if there is a client you have that you can’t seem to get along with, it might be better to consider whether or not this is worth the time that you’re spending on them. If there is tension that you can’t seem to work through, take this as a red flag. As we mentioned above, communication is a significant part of being a financial advisor, and if you aren’t able to communicate in a respectful and comfortable manner, it’s simply not going to work.
They Don’t See the Value
Finances are a tricky thing, which is often why people come to financial advisors in the first place. That being said, it’s also a very sensitive topic; one that can easily get emotions running at a high. Because of that, it’s very easy for clients to overlook the work that’s being done and the value that it holds. This is yet another scenario that is going to vary from client to client, so it may not always be something that leads to firing a client. In some instances, however, having clients that don’t see the value in the services that you’re offering can lead to some more significant problems.
One of the many problems that come along with a client seeing the value is a lack of trust. If they don’t see the value in the work that you’re doing, they’re certainly not going to trust you. When this happens, the opportunities that you have shrink, which in turn leads to you not being able to help them to the full extent. If you start to see this trend with your clients, you may want to consider cutting ties. These types of scenarios often lead to larger problems as is.
Alpha Droid Can Be a Part of the Solution
Clients can be challenging to deal with, but there’s a difference between a challenging client and one that you simply can’t work with. By recognizing red flags early on, you can create a plan of action on how to best navigate the situation. And, though there are times where you’re going to need to fire your finance clients, this is never the ideal outcome of working in the finance industry. Alpha Droid wants to help you create the absolute best experience for your clients.
Alpha Droid has worked tirelessly to provide financial advisors with the current information that they need on the market. The algorithm that we’ve created allows you to feel confident in the investments of your clients. Whether you’re looking to establish a relationship with new clients or you want to create a stronger bond with your current clients, Alpha Droid can help. Learn more about the team behind the software and start your 30-day free trial today! If it can help reduce the chance of uncertain or nervous customers, what is there to lose? Contact us today with any questions you have.