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Advisors: How Not to Get Fired

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Advisors: How Not to Get Fired

Today I share insight on how to not get fired.

While it seems pretty obvious that you need to know how to not get fired, my experience is that most people wait until they have been fired before they take the required steps to keep their clients.

Recently, one of our advisors acquired an account worth over $50,000,000.

Another advisor who contacted us, had just lost his biggest account and another lost an account worth over $10,000,000.

Each of these cases involved an affluent woman.  All three situations provide insight any advisor can benefit from.  The best news is that you don’t need to wait to get fired.  Just apply what I teach you today.

Get Clear on Expectations

The first and most obvious insight on how to not get fired is to get clear on your client’s expectations.  The reason the first advisor acquired the account was because she was crystal clear on what the client wanted and delivered it from the get-go (even before she acquired the account).

Possibly the most telling insight is hearing advisors share that they had no idea why they lost the account.  Similarly, I have heard too often in my career, “I can’t believe they left, everything was fine.”  Clients do not fire their advisor when “everything is fine.”

Another critical step is to identify what your clients want.  This includes what has to happen for them to be ecstatic in 1, 3 and 5 years.  If it is not realistic, it is imperative you have that conversation immediately.  Don’t wait until you can’t deliver on an unrealistic expectation.  Too often we assume what our clients want, this dramatically increases our odds of missing the target and ultimately losing the account.

If you are ready to take your business to the next level, begin here: Where to Start

Deliver on Expectations

Once you find out what your client expects and confirm that it is a realistic goal, you then need to deliver it.  Once you deliver it, confirm they agree you are meeting their expectations.  While you may believe you are delivering on your clients expectations, it is important that you confirm they agree.

One of the best strategies to exceed our clients expectations is to create a community.  This is very effective for both acquiring and retaining affluent women & couples because people want to be a part of something bigger than themselves.

Related: Insights on Marketing to the Affluent

The best way to create a community with your clients is to simply ask them what they want.  Ideally, take time to meet solely for the purpose of the interview.  This helps you to stay focused on the purpose of the meeting and to get your clients full attention.

During your meeting, also find out where they attend church and to what civic, fraternal and business associations and organizations they belong.  This will provide you valuable insight and additional information on organizations you may be able to present a feeder workshop.

Think Outside the Box

Once you find out what your clients want, try some creative options to connect on a deeper level.  Some great examples include cooking classes, art classes, jazz evening, volunteering at a food bank, mystery dinners, animal care and travel safety to name a few.

Encourage and allow your clients and prospects to bring guests.  This is a great way to meet more ideal prospects in a non-threatening environment.

Immediately following the event, call your clients.  Ask for their feedback on the event.  If you don’t have time to make the call, have your assistant make the contact.  Collect the data and make changes as needed.

Asking the Right Questions

One of the most critical elements to acquiring and retaining affluent clients is asking the right questions and understanding what our clients desire beyond money.  Asking the right questions is an essential element to a successful business and is a critical insight on how to not get fired.

This article originally appeared on PMA360.com

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