Scott contacted me after he found himself getting overwhelmed by several of his most demanding clients. He was worried that if he didn’t tell them what they wanted to hear, which would necessitate him wandering away from his wealth management core values, that he would lose some of those clients.
Scott believed that since he had a successful practice for many years, he didn’t need to change anything. But he simply wanted help in dealing with this group of clients. The first step for Scott was to realize that if he embraced a relationship-style of practice, he could be even more successful.
Regarding the demanding clients and Scott’s trying to accommodate them by modifying his core values for managing their wealth, I taught Scott a combination of assertiveness training and active listening skills. The results were astounding! Within a matter of a few months, Scott was handling every demanding client like a seasoned pro. He did not lose a single client and many of his ongoing clients actually increased their AUM with Scott.
Action Plan:
- Read a book or articles related to assertiveness training and active listening and practice the skills. Descriptions and examples of this technique can be found in my book, “The Financial Advisor’s Ultimate Stress Mastery Guide.”
- For additional training and practice, consider hiring a mentor who can teach you those skills.
- Schedule frequent visits with each of your clients, especially female clients and female spouses.
- Offer roundtable discussions for groups of female clients and spouses.
- Offer spouses separate wealth management strategy sessions, if they prefer, in order to understand the needs and fears they may not discuss in a joint visit with their spouse.
Dr. Jack Singer is a professional psychologist, speaker and a Stress Mastery Mentor for select financial advisors. He is the author of “The Financial Advisor’s Ultimate Stress Mastery Guide,” which can be ordered in the FA Mag Bookstore, using this link: /book--ultimate-stress-mastery-guide. To learn more about Dr. Jack’s keynote speaking and exclusive mentoring services for financial advisors and his unique, referral-generating program for your next Client Appreciation Event, contact Jack at [email protected], call him at 1-800-497-9880 and read more at http://www.advisingtheadvisors.com.