Firing a troublesome client can actually help catapult an advisor’s career to the next level as it makes room to engage with better clients
. Get exclusive investment industry news and insights, the week’s top headlines, and what you and your clients need to know.Maybe the person is aggressive, disparaging, or even abusive. Or they’re always late with a payment despite your excellent work. They want you to double their money like someone they saw on TikTok. Or perhaps they call, e-mail, or text – every single day.
For advisors who are in the early years and struggling to build a book of business, it can feel like a very bad idea to push back and show challenging clients the door. Yet, firing a bad client can actually help catapult their careers to the next level. “As you get older, you become more mature and your business grows, so you have to reassess your book,” he says.Outline your expectations and relationship boundaries in your letter of engagement, says Mr. Dewdney, who also has in-depth conversations about values and mutual respect. Usually, that’s enough.
“It’s about fit and humility on the part of the advisor, an acceptance that, ‘I’m not for everyone and that’s okay,’” she says.
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