Any good news you give them about their financial situation will be quickly shut out by the first negative thought that comes into their mind. You show them how well an investment turned out and they respond with a “Yes, but…” In spite of your positive outlook, they believe that it’s inevitable that something terrible will happen to their portfolio.
Is it worth it to be dragged down by the heavy, negative energy of such clients?
The High-Maintenance Marty
This type of client needs to be hand-held through every decision for him to feel safe and secure. Sadly, he maintains a serious lack of self-esteem and rarely feels secure.
This client will become very dependent on you for constant reassurance and he will call regularly to see what decisions you have made in managing his accounts.
Warning: This dependency on you can bleed over into much more than your role as his financial advisor. Once he sees that you care and are responding to him, he may depend on you to help him make everyday decisions. He will look at you as his mentor, confidante or counselor.
Can you afford to spend the time and the emotionally draining outcomes necessary to manage such a needy client?
The Histrionic Harriet
This client has been rewarded in life because of the attention she gets with her dramatic, emotional, over-reactive behavior. Often exhibiting narcissistic qualities as well (see the Narcissistic Ned, in Part 3 of this series), you will exhaust yourself trying to accommodate her.
If you have clients who are actors, on-camera personalities, politicians or celebrities, you know this type. In their profession, they are praised and rewarded for exhibiting this behavior, but if this becomes part of their persona, these behaviors can weave into all of their interactions. You never know if you are dealing with the real person or the showman.