The following excerpts from Making The Most Of The Meltdown by Paul Dean, Montreal Gazette; Canwest News Service are right in line in what I have been writing about in The Compassionate Advisor and supporting articles entitled; Recession Is Great For Client Segmentation and Grieving Your Financial Losses.
“Customer dissatisfaction is one of the main occupational perils of working as an investment adviser. Clients are not lacking in choice. They’re free to leave at any time and take their assets with them, and some have done just that after months of disappointing monthly statements, although not nearly as many as industry insiders expected.
It’s not necessarily the losses that are driving them away. Often, the sense of being abandoned by the adviser when he or she was most needed is what drove the client to switch.”
Montreal financial adviser Martin Garneau of Majesta Financial Partners said he’s actually gained three clients during the current economic crisis, all referrals from existing clients, and when he analyzed the portfolios they brought with him, didn’t find a whole lot to change.
“Maybe it was a communication thing. Clients need additional hand-holding in times like these. If you feel your adviser isn’t listening, or available, you may feel, rightly, that a change is in order. You’re the client. You’re in the driver’s seat.”
To read the entire article click; Making The Most Of The Meltdown by Paul Dean, Montreal Gazette; Canwest News Service.
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