A reputable accountant or attorney will have to concede if you're right, he says. You could even gain a lifelong ally who refers more clients down the road. In effect, you burnish your reputation as a smart, honest team player who goes the extra mile.

Client Blunders
On the other hand, there are cases when it's too late. "One of our favorite clients had entered into a partnership with a builder to construct a house in Alaska," says Kevin Sanderford, a principal at Colorado West Investments, in Montrose, Colo. "The problem began when we realized that although the client's name was on all the mortgage docs, it wasn't on the [property] deed. ... So he had all the liabilities and none of the assets! ... The client ultimately took a loss of $140,000. He now passes ideas by us before he pulls the trigger."

Sanderford has little tolerance for reckless clients. "My biggest regret is trying to work with everyone," he muses. "We can't deliver great service unless we limit the number of clients we serve."

Taking A Stand
Withstanding conflicts is a running theme of many advisors' stories. In some cases, it's even a point of pride. For instance, Michael Pepe, senior vice president of investments at JHS Capital Advisors in Tampa, Fla., says that many of his favorite moments in his nearly 30-year career "are when I took a stand."

One morning in December 2010, his phone started ringing off the hook. Some expert on TV the night before had predicted municipal bonds were on the brink of widespread default. Pepe believed it was an irrational panic and told his clients to stay the course.

"I convinced them not to sell but to buy on the weakness," he recalls. In the end, Pepe was proved right. "We not only prevented our clients from getting caught in a panic," he says, "but took advantage of the opportunity."

Such independent-mindedness can yield surprising results, especially in unusual situations. Madaline Creehan, a principal at BAM Advisor Services in St. Louis, once helped a childless widow sort through years of financial documents-including unfiled tax returns. "She was very intelligent and accomplished, but knew nothing about her financial situation," says Creehan. "Her late husband had handled all that."

Creehan spent days going through boxes and scraps of paper, collaborating with accountants and attorneys, and ultimately gaining the client's full trust. Past-due obligations were paid, and a financial plan for the client's future was formulated. But the icing on the cake came when they discovered the IRS actually owed the client $50,000!

The moral of the story, says Creehan, is that, "especially for women, establishing a relationship can be the key. ... And if you become your client's indispensable strategic partner, you'll have a client for life-one who never hesitates to tell others about you."

Word Of Mouth
Indeed, you never know in what form word of mouth may arise or where it can lead. Ellis Liddell, president of ELE Wealth Management in Southfield, Mich., arrived in the Detroit suburb a decade ago with few clients but a lot to say.
Liddell ended up giving weekly financial literacy lessons on a popular local radio station. It proved a surprisingly effective marketing tool. "I didn't do it to get new clients," he says. "I just wanted to educate people."