4. Your client’s spouse doesn’t like you. You can tell. They are frosty. You hear them cover the receiver and say “YOUR broker is on the phone.” You can imagine behind the scenes they are asking: “Why do you insist on staying with her?”
Problem: Your main point of contact will move the account to keep peace in the family.
Approach: This assumes the assets are held JTWROS. When your contact person isn’t home, make your call so you will reach the spouse instead. Acknowledge they have concerns. “We need to talk. I may not be the right advisor for you.” Schedule a meeting with both parties present. Focus the majority of your attention on the concerned spouse. Have all the investment related answers at your fingertips. Show respect. I credit a Texas advisor with this approach.
5.Complains about fees. They talk in big numbers, not percentages. “Why am I paying $15,000 a year for you to manage my money? What do you actually do?” Lets also add: “How much is this going to cost me?”
Problem: Your client is either prospected by a competitor or reading about online free trading.
Solution: Hopefully it’s been a good year. Comparing portfolio appreciation vs. fees paid shows they did well taking your advice, which has a cost. Explain the investment process, showing the transaction to purchase (or sell) securities is a small part of the process. Review your relationship over the years, mentioning ways to have helped them.
Be alert for signals. Don’t assume there isn’t an issue until the client tells you there is one.
Bryce Sanders is president of Perceptive Business Solutions Inc. He provides HNW client acquisition training for the financial services industry. His book, “Captivating the Wealthy Investor” can be found on Amazon.