Top 5 Reasons Why Clients Fire Advisors

December 10, 2013 • FA Staff

Nearly 1,400 advisors responded to a recent survey by Financial Advisor magazine on why clients fire advisors. These are the top five reasons (with no. 1 being the most cited reason) that clients gave for firing their previous advisor.

No. 5

Making claims they can't keep: 22.6 percent

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3 Comments

Comments

KRobie 10 years ago

I find these surveys mind boggling. Although a survey of 1400 advisors may be significant from a statistical perspective, it is always interesting to me to find some of the most compelling reasons for an advisor's success in an industry end up being on a top 5 list for terminating a relationship with an advisor. In my world of managing a HNW Single Family Office things like: 'Claims can't keep'; 'Promptly return phone calls'; 'Understanding clients goals/objectives'; 'Failure to communicate' speak more to a lack of integrity, trust, credibility, collaboration, discipline, confidence, and work ethic.
Bobcoach 10 years ago

Following my post regarding the #2 reason, I wonder what is the cause of the #1 reason 72 % said they were fired for failure to understand the client's objectives. What could be more important than communicating with your client on a timely basis? Is the a self-management issue or lack of systems and processes to keep up with priorities? Bob Moore, CMC, Executive Effectiveness Coach
Bobcoach 10 years ago

As an executive effectiveness coach, I wonder what is the reason that over half the respondents to the survey said the #2 reason they were fired was because they failed to understand the client's objectives. What do you suppose was the basis for their investment recommendation? Bob Moore, CMC

Top 5 Reasons Why Clients Fire Advisors

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