Being a financial advisor is one of the challenging jobs I’ve ever ventured. The infinity of knowledge and the luxury of opportunities are just some of them. In the past years of handling clients, I have seen some major concern on how we manage clients who would like to engage on your proposals. With this experience, I have written some of the famous clients complains about Financial Advisors.
1. My financial Advisor gave me a too expensive policy
The major reason why we create a proposal to clients is to provide financial freedom. Hence, giving expensive proposals that leads to lapsing of policy is a big “No”. Therefore as a financial analyst, we should play a big role in providing the need of our clients base on their capacity to purchase.
2. My Financial Advisor does not update me on my policy.
Disappearing advisors after the policy delivery have been a challenge. Certainly, at the end of the day, maintaining constant communication with our clients will result in a major increase in referrals. Referrals are the best prospecting sale.
3. My Financial Advisor’s messages are too irritating.
Maintaining communication with our client is a big reason to grow your business. Therefore, we have to consider the emotions of our clients. So, flooding them with solicited or unsolicited messages may result in an inconvenience too. Remember, we want to give the best experience to our clients to maintain a long-term relationship.
4. I did not know if my financial advisor is still connected with the company.
People can make a drastic change in their career. A client can become orphan when an advisor change career. Although most of the normal process is to be connected to the upper manager of the advisor, this does not happen to some of the clients. The best way is to inform the client if you are changing career. Remember, when you acquire a client it is a relationship that you build. Therefore, always inform the client of any information which relates to their policy.
5. Promising unrealistic returns on investments
The major turn back of clients who complains about financial advisors is regarding the promise of high returns on investments. For this reason, the best way to run off this concern is to properly set expectations on the major returns base on how they answered the risk profile questionnaire. By doing so, you would be able to set a factual basis for what to expect about the return on investments. If you say guaranteed results of 10% on a Bond Fund allocation may be a drastic or wrong information you would ever assume about the market. Always refer to their risk appetite to set proper expectations.
At the end of the day, creating the best experience for our clients will avoid all these complaints in the history of our career as a financial advisor. Looking for the best financial advisor to take care of your financial needs will depend on how you respond to their queries. Remember, maintaining a good relationship is not a way ticket only where all of the clients are always correct but a two-way conversation which aims to resolve any untoward conflicts.
I’d like to disclaim that these major complaints are my personal opinion and do not reflect the company I represent and or the clients I handle. My goal is to create a holistic approach in handling clients to the best of my ability as a financial advisor for life. If you have any additional comments or feedback regarding this topic please feel free to add on the comment section.