In the years since, that client became one of Ludwig’s closest friends. Ultimately, when the client was diagnosed with pancreatic cancer, he called Ludwig right away. “He entrusted me with his financial legacy, saying, ‘It’s in your hands now,’” he remembered. “Such moments underscore the deeper essence of our profession. It’s more than financial planning; it’s about forging enduring relationships.”
Looking back, he said, he realized the experience reshaped his perspective. This client, who was once his most challenging account, became something much more important and profound.
“This journey taught me the significance of viewing client relationships beyond immediate outcomes,” he said. “It taught me the power of patience and perseverance, and the unexpected ways professional relationships can evolve into personal bonds.”
Sometimes You Can’t Win
Unexpected outcomes from challenging clients don’t always work out so well. Tom Henske, a financial advisor in New York City, shared the tale of one client who was “beyond difficult,” he said.
At every annual review, the client insisted on looking at the best-performing asset in his portfolio as the benchmark by which all others were measured, leading him to ask Henske repeatedly why nothing else had performed as well.
“He had a diversified portfolio based on his risk tolerance and time horizon, but he kept comparing each asset to the top performer, as if that one were the standard,” Henske recalled. “No matter what, he was never happy. It became clear that we were never going to get a pat on the back from him.”
The entire staff was becoming annoyed with this impossible-to-please client.
“I quickly saw that if we didn’t end the relationship, I was going to have some seriously unhappy employees on my hands,” said Henske.
So he arranged a private meeting with the client, at which he planned to politely fire him. In preparation, Henske practiced with his staff, engaging in role-playing exercises. The team also put together a complete case history on the client and the performance of his portfolio, as backup evidence of fair treatment.
When the day finally arrived, Henske launched into the “go our separate ways” speech he had rehearsed: “The things you are looking for in a financial advisor are not the things that our particular firm is good at,” he said. “It’s in your best interests to go elsewhere.”