Getting the Goods on a Lost Client of a Financial Advisor

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No one likes losing a client. Whether it’s an attorney, or a bookkeeper, or even a taxi cab driver, when that potential account with money goes bye-bye, the world’s over. One may ask, though, why? Why did the account drop in the first place? And should you have a right to know if you’re prospecting a particular financial advisor to determine the best qualifications? The answer, in short, is YES.

It’s Your Interview With the Financial Advisor

Not the other way around. You, therefore, have the right to ask whatever questions you want to ask that financial advisor. It’s a consultation. That’s what it’s for.financial advisor onion

So go ahead and ask the ultimate question. Have you ever lost any clients before, and why? Watch the financial advisor sweat (or not) at hearing the question. But it’s not necessarily about the loss that matters….

Because while no one likes losing a client, even the best financial advisor will lose one or two in a lifetime — perhaps more. Life happens, and maybe the two personalities never meshed well. The point is that lost account may never have resulted due to negligence or inefficiency belonging to the financial advisor. It could’ve been the client himself/herself, believe it or not.

The point of the question is to allow the financial advisor a chance to explain through story on a particular business relationship that unfortunately didn’t end well. Now I don’t deny that any such advisor just might lie (and if that’s the case, if you’re already smart, you can find out by asking for a prior client list, and do some digging on your own!). That doesn’t keep you from asking the question.

Revealing the Layers

Kind of like an onion when you think about it. Peel more and more of those layers, why don’t you? The good thing, though, is this probably won’t make your eyes itch or water. Most importantly, you get a good grasp of what values the financial advisor holds dearly, not to mention which types of clients often work best for him/her.

So while this might benefit you, it also benefits that prospective advisor greatly. Get that onion and keep peeling. And don’t worry if it makes the financial advisor cry alligator tears.

The post Getting the Goods on a Lost Client of a Financial Advisor appeared first on Cloud Based Bookkeeping.

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