Apology Act

April’s Advisor’s Edge included this Buzz – I’m Sorry.

“It’s okay to say sorry if you feel your advice may have harmed a client’s interests. Studies have shown an apology can aid in resolving a dispute. The American Bar Association Journal cites that 30% of plaintiffs say they would not have sued had an apology been given. And what’s better, for Ontarians the heartfelt apology will no longer come back to haunt you if your disgruntled client takes you to court. Ontario’s recently passed Apology Act allows an individual or organization to offer an apology as part of the dispute resolution process without concern over legal liability.”

This dovetails into The Compassionate Advisor PowerPoint that I am working on.

Dear Valued Client,

You have shared your anger, frustration and fear about the losses that you have experienced in the market since last September and about how you are concerned about your life plans that include your retirement, family and standard of living. I truly feel sorry for the way you feel.

Your Empathetic Advisor

In order to offer compassion and to start the healing process, sometimes all you have to do is write the letter … no one said you had to mail it.

Another way of offering yourself some compassion is to write yourself an imaginary letter from one of your satisfied clients.

Dear Compassionate Advisor,

We what to thank you for all of the help that you have given us over the years.

If it were not for you, we would still be struggling and our financial future would not be taken care of.

You have no idea how much of an impact that you have had on our lives and we are very thankful.

We are well aware that the market conditions are beyond your control and we trust that things will resolve themselves in good time.

The Compassionate Client