It’s not a perfect world. Most advisors have cringeworthy clients. You often hear “I only work with people I like,” but that’s an idealized version of reality. Advisors know not to leave money on the table. If a difficult client has substantial assets and doesn’t push back much on fees, advisors need a way of adjusting to the situation. It could be worse. At least you aren’t a teacher seeing the same student in class daily.

Three Obvious Approaches
Let’s assume it’s an average client with average levels of assets.

1. Let the team handle it. Your personalities don’t click. That doesn’t mean they don’t get along with anyone! Your assistant or another team member might be a better point of contact.

2. Over to customer service. Lets assume it’s a client with a smaller account who doesn’t buy into the way you do business, meaning managed money and fee-based pricing. Most firms have a centralized area handling smaller accounts. The client can get service on their terms, calling an 800 number whenever they choose. If the relationship looks like it needs an advisor, the desk will likely bring them back into the individual advisor world, but not with you.

3. Reassigned within the office. Clients probably don’t know they can be asked to be reassigned if relationships don’t click. This might have been an inherited account relationship. You can ask your branch or compliance manager about getting them reassigned. There’s likely a procedure. The explanation might be you conduct your business a certain way, but it’s not what this client wants. You will both likely be happier.

No One Is Going Anywhere
Now let’s consider the scenario where you are stuck with each other. What can you do?

1. Involve their spouse. Accounts are often joint relationships, yet there’s a primary contact person. Arrange to meet with both parties present for portfolio reviews. Give each person equal attention, showing you understand their situation and have their best interests at heart. You might gain an ally.

2. Stick to investments with few moving parts. Problems often develop if a recommendation doesn’t perform as advertised. Strategies like bond ladders shouldn’t present any surprises.

3. Put yourself in their shoes. Try to learn why they feel this way. Did they have a bad experience with a previous advisor? Draw them out. What do they see as the ideal relationship? Either you can deliver it or you can’t.

4. Communicate often. It’s been said the major reason clients leave advisors is lack of communication. If you keep in touch, they know you are paying attention. They likely have a preferred communication channel. Find it.

5. Be transparent on pricing. They might be the type of person who thinks the advisory relationship is a zero sum game with a winner and a loser. Everyone is out to take advantage of them! They don’t like car mechanics or lawyers either! Let them know what they are paying. “This is how we make money…” If they thought about it, the vast majority of professions they dislike aren’t transparent about fees. It sets you apart.

6. Bring the team in for meetings. Hopefully you have the spouse present, so it won’t look like you are ganging up on them. The team communicates “We consider your relationship important.” They might relate better to another team member.

7. Get your manager involved. They often meet big clients, thanking them for being a client of the firm. Make them feel important. Your manager can likely showcase you as being “one of our best advisors.” Now they have third party reinforcement.

8. Move meetings onto neutral ground. This gets away from the “walking into the lion’s den” feeling they might have about coming to your office. Discussing issues over food can put people in a better mood.

9. Remind them what you’ve done for them. People have short memories. “We got through the Great Recession together.” Highlight a few of their good investments, giving them the credit for having made them. The unspoken message is “They did well because they followed your advice.”

10. What can we do to move forward? Sometimes everything goes wrong. It’s no one’s fault. If one phone message gets lost, it’s theirs. Take the couple out to dinner. Mention “Things haven’t been going that well.” They will take over the conversation, ranting and complaining. Sit and keep calm. When they are done, acknowledge you understand their position. Make your points. Ask “What can we do to move forward?” After they’ve vented, the issue is often defused. I credit a Massachusetts advisor with this approach.

11. Let them know they are an important client. Everyone wants to hear that.

12. Smile. Even when they are on the phone. It helps.

We often find ourselves in these situations in all walks of life. As an advisor, you have it easier than a teacher. If they have a difficult student, they see them every day!

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.