Sometimes as an advisor, you are confronted with more than just managing a client’s portfolio and end up having to manage their emotions as well. It’s not atypical for advisors to have to play this role, but in some cases the negativity can simply get out of control. So how can advisors salvage a client and not have to end up letting them go? Here are a few tips:
Address the Client’s Concerns
The first thing you want to do when a client becomes overwhelmingly negative is to address whatever issue(s) they are having. It doesn’t matter how trivial it may seem at the offset, you need to still take action on the matter before it worsens. With that being said, the last thing you want to do is ignore them. Give them a call, schedule an appointment and work them into your calendar, even if it’s for just 30 minutes. At the very least, you will show the client you care and let them feel more confident that you know what you are doing, which leads us directly into the next two resolutions.
Rebuild Their Trust
At the heart of any good and positive relationship, is trust. Trust is really the foundation and bedrock of any good relationship and if negativity or doubt starts to surface, it’s likely to stem from here. Maybe the client has been talking with other advisors or previous clients, maybe a recent story or press article caught his eye, or maybe he/she just hasn’t seen or heard enough from you. Whatever the case may be, you need to reconnect with your client in a personal way. Invite him/her to dinner, send them a personal letter, ask them out to golf, or even invite them out for a barbecue. The point is that you want them to feel relaxed and comfortable and reconnect with them in a more personable way to rebuild their trust.
Always Be Confident and Reassuring
One of the easiest ways to bring negativity into a relationship and even lose a client is by not being confident and reassuring. This characteristic is subtle but extremely important, especially in the world of finances. Let’s face it, if you are managing someone’s money and they get the impression you don’t know what you are doing, or you don’t believe in yourself; you are just asking for negativity. Being knowledgeable is just the half the battle, the other half is communicating it and showing it to your clients and prospects. That doesn’t mean you have to be condescending or even narcissistic about yourself. What it does mean is that you need to be giving your clients peace of mind, and reassuring them every step of the way.
If you follow these tips, it should help you rid many of the root issues that are resulting in your client’s negativity and hopefully allow you to keep a healthy client relationship going. If you want more tips or insight be sure to follow us on LinkedIn or Subscribe to our monthly Newsletter!