Third Article in the Series:
Efficiency and Productivity
Last week’s message introduced the concept of culling your client list and described three types of non-ideal clients.
The Pseudo Ideal Client fits your Ideal Client profile on all parameters, except one. If your challenge is the second-guesser client, schedule a meeting to have a frank conversation about your relationship. Share that you feel that your work is not valued and you are concerned that you are not the best fit for the client. Invite their feedback on this. You may find that is just a personality or behavior style of the client and that indeed he does value your input and advice. You can then come to an agreement on how you will continue your work together in a manner that suits both of you. If the Pseudo Ideal Client truly does not value your contributions, then you have given him a graceful way to exit the relationship. If he does not exit the relationship and continues his second-guessing, you may need to suggest that he find a different advisor and help him with a few referrals.
Another version of the Pseudo Ideal Client is the one that harasses and belittles your staff. There is no other option than to have a direct conversation about the inappropriate behavior. Begin by asking if something occurred that caused the friction. She may very well have a reason for her actions, even if only in her mind. Determine if anything can be done to satisfy the client and build a strong relationship. It may have just been a personality conflict and if your staff is large enough, the client can be assigned to another relationship manager or client service professional. There also exist clients who can never be satisfied. They create havoc in your office with their requests and actions. If it is possible to refer this client, then do so. However, it may be that you simply end the relationship.
For each of these cases, I have suggested referring the client. The second-guesser may be better suited with a firm where he can trade his own account. The harassing client may just desire a different service level that your firm is designed to provide. It benefits you greatly to have a list of firms and advisors where you feel comfortable referring. Networking with your peers at financial services events is a great way to build this list. Check out a few of these upcoming events. And you thought continuing education was the sole purpose of those meetings!