What Not To Do
People can get very emotional when discussing politics. You have a business relationship and want to keep it going for the long term.
1. Do not tell them they are idiots. You might do this with your friends after a few drinks. You might lose a few friends that way. You do not want to lose clients.
2. Do not laugh at them. You embarrass a person when you laugh at them. It seems to communicate, “How can you be so stupid?” I did this once when we were out at an event with friends, and someone mentioned an investment they made on their own that blew up. I laughed. Afterwards I realized how awkward that must have been. I did not make that mistake again. There is a difference between laughing with them and laughing at them.
3. Do not raise your voice. You might have firsthand experience in this area if you have young children. You do not want to “lose it.” If you argue with a clerk in a store, they often dig themselves into their position and refuse to compromise. This does not help.
4. Do not tell them their facts are bogus. This can be a problem where politics are concerned. Each side seems to be suspicious of the impartiality of the news media favored by the other side. You might mention where you get your facts but try not to dismiss their sources.
5. Do not argue your position. Perhaps you belonged to a debating club at school. Maybe you were an attorney before you became a financial advisor. You are in a business relationship with your client. Changing their opinions and beliefs does not contribute towards the success of the investing strategy you recommend.
6. Do not fire them. Everyone is entitled to good investment advice. They are paying for it, directly or indirectly. It is wrong to fire them because you disagree on a personal matter. If you and the train conductor disagreed on politics, it would be wrong for the conductor to forbid you from riding his train. The client might choose to walk away, you are providing a service. You should continue to provide it as best you can.
People will disagree about politics. It does not mean you cannot do business together. Put another way, you can disagree on politics, but you can still do business.
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 is available on Amazon.