I know, you don’t want to read about bad things, I totally get it but I’ve heard and read a bit too much negative feedback recently that I felt I should share some of it with you. I can honestly say that the majority of Advisers I meet are awesome. They are authentic, demonstrate credibly, can be trusted the list goes on. BUT, there is information going around about the bad things that Financial Advisers do so, I thought I would share the common four so that you can run your eyes over them and make sure none of your team are doing them.
In no particular order:
1. Ignoring the female partner – this has been done to me before! Yes, I found a replacement [Accountant!]. If you are meeting with both the male and female clients together, please make sure you engage with both of them. I ran some training the other day to address this concern with an Advice business and the feedback from one of the younger Advisers was that he didn’t do it on purpose he just felt uncomfortable swivelling his head side to side. Please make sure your Advisers have had the training they need so that they can engage with as many people as need be in a client meeting. You wouldn’t want to lose a female client once the husband or partner passed away or divorced.
2. The tone of voice is wrong – some clients feel very vulnerable when they meet a Financial Adviser for the first time because they believe they should know more about their finances than they do. This can result in clients feeling as though they are being spoken down to. Everyone has a different level of financial understanding. To ensure your Advisers don’t fall into this trap, ask them to be aware of their tonality in meetings and get them to ask the client to repeat back what they have heard. This will tell the adviser if the client has understood or not. A client who leaves an Advisers office educated and informed is more likely to spread the good word.
3. Unresponsive – While I still can’t believe this one happens, unfortunately, it does. Some Advisers aren’t responding to their client’s enquiries fast enough. When someone is paying you money to give them advice, they deserve to hear back promptly. Having an adviser who is busy isn’t a bad thing, and most clients understand. However, ask the person who took the call what they promised regarding call back time and make sure you can achieve that.
4. Lack of advice – this is perhaps more aimed at the younger advisers. Some clients have a very firm view of what they believe is the right financial direction for them. However, they are paying for advice so, if you or one of your advisers doesn’t agree with the clients ideas, have the confidence and conviction to speak up and explain your reasons. Having two advisers present during the client meeting will help here but I appreciate not all businesses can achieve that.
I don’t like to focus on the perceived bad things that Financial Advisers do; rather I like to scream from the rafters about the great things they do but sometimes we need to hear the bad to bury it! If you believe any of your Advisers do any of the above or more, please feel free to give me a call and we can chat about ways in which I can help.