Why Clients Fire Advisors

We thought we would share these eight reasons that clients fire advisors.  They are provided by a Financial Advisor in Philadelphia.  Clients have the right to expect financial advisors to be honest, but also to care about them as people, not just figures in an account.

  1.  Making claims they can’t keep.  Claims such as, “I can consistently give you above-market returns,”
  2. Giving them the impression that new business is more important than serving current clients.  Clients don’t expect to be ignored once they sign on.
  3.  Letting clients do things that may not be in their best interests just because it is expedient.  Financial advisors are expected to tell people when they are about to make a mistake.
  4. Failure to promptly return phone calls.  There is no excuse for failure to return calls promptly.
  5.  Staff members who have the attitude.  The staff is there to serve you cheerfully and competently.
  6.  Failure to do comprehensive financial planning.  This does not necessarily mean producing a 100 page plan, but to get involved with risk control, cash flow, tax and estate issues.  That’s what planning is about.
  7. Not fully understanding clients.  How can I help you if I don’t know you?
  8.  Placing a priority on the investment portfolio over the client’s life.  A portfolio is the means to a goal, not the goal itself.

An advisor who understands you and helps you meet your goals is a precious asset.  Get to know us.  Get a copy of Before I Go while you’re at it.

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