10. An advisor married into the family. Blood is thicker than water. Their child married an advisor. As a show of support for the new marriage, they transfer the relationship.
Preventable: Remind them they can work with more than one advisor.
11. They’ve outgrown you. They might have been sold this line of thinking. Their business has thrived. Their needs are more complex. Someone tells them they need a different firm catering to UHNW individuals.
Preventable: Your firm has tiers defined by assets and complexity of the relationship. Explain how it works.
12. You retired. Your client might be loyal to you, but they don’t consider that loyalty transferrable. They might have a Plan B, another advisor they know, as a backup when you are no longer in the picture.
Preventable: Transitions need to be gradual over time, not sudden.
Clients leave for many reasons. Fortunately, many can be headed off with some advance planning.
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.