The number one reason clients give when asked why they left an advisor is lack of contact. And, the number one reasons that advisors don’t stay in touch with their clients is the Unmet Needs Disease.
The Unmet Need for recognition leads advisors to want to get as many clients as possible. That way, they can say to their colleagues and families, “Look at how many clients I’ve got!” The Unmet Need for approval leads advisors to over-promise to their prospective clients, saying anything to get them to sign on.
The Unmet Need for safety creates a cycle of overwork, inefficiency and the continuous drive to get more clients. That leaves advisors too busy to serve their existing clients properly. The thrill of chasing a potential new client is more exciting than carrying out the work to service an actual client, so the adrenalin addiction is also triggered.
When an advisor sees he’s not providing the service he promised, he feels guilty and the Unmet Need for approval kicks up again. Therefore, he avoids the client and doesn’t take any action. When the client (inevitably) leaves, it reinforces the advisor’s Unmet Need for worth and the negative belief that, “I am not good enough.” To quickly cover this up, the advisor scrambles to get more clients and the entire process repeats itself. He’s on a hamster wheel and he doesn’t even know it.
This article was originally published in Curing The Unmet Needs Disease © Simon Reilly 2008
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