How not to get fired…

When you work for someone – large corporation or small business, there is always the chance that someday you might be fired. It could be due to any number of reasons – economic downturn, poor sales, obsolete product or even more robust competition. Sadly, you may never know the real reason.

When you work for yourself – which is essentially what financial advisors do – and you are fired by a client, it can be just as perplexing.  Why you wonder? Was the client not satisfied with the performance of their portfolio, or the service you provided, or maybe another advisor came along who was an old friend – promising more and better.

Of course, it could be any of those reasons but the most likely one – is that there was no personal connection between you and the client. Chances are you lost the business because you failed to know your client really well. You managed the money but didn’t know her beyond that. Women, in particular prefer to have a relationship with their advisor that goes beyond their finances.

This is important to know because people don’t leave people they have a strong connection with, well…without, at least, making an effort to address the concerns they have. But when there is no personal connection, it’s easy to leave.

We talked to an advisor who told us one of his female clients “fired him” because her daughter wanted her to use her financial advisor. She didn’t resist the suggestion because she didn’t know him very well – and she figured, one advisor is pretty much the same as the next.

So before you get “fired” by a client ask yourself these questions about every single female client you have:

  • What do I know about her as a person?
  • What are her goals and aspirations in life?
  • Does she attend the update meetings and ask questions that are relevant to her situation?
  • What’s her natural communication style?
  • Does she deal with other financial professionals on other matters?
  • Where does she bank?
  • Who has influence on her when she makes decisions?
  • How does she inform herself about financial matters?

The answers to these questions are the best way for you to solidify a relationship with each of your clients and make it harder for them to leave you.

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