{ "media_type": "text", "post_content": "Existing client sets meeting to open RIRA's for he and his wife. He writes down the few Vanguard funds and percentages I setup and then tells me he changed mind and is going directly to Vanguard.", "post_id": "5ac799be05a8050013331c5e", "reply_count": 14, "vote_count": 3, "bowl_id": "599feb177c057d0010be0554", "bowl_name": "Financial Advisors" }

Existing client sets meeting to open RIRA's for he and his wife. He writes down the few Vanguard funds and percentages I setup and then tells me he changed mind and is going directly to Vanguard.

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I’m convinced that on some deep level people are either willing to pay a fee for service or they aren’t. Sometimes it takes several meetings to really figure that out. The people who just can never seem to get comfortable with the fee, usually will become a problem or transfer out anyway. Presenting your value is important, but for some types of people it will never change their mind. Move on from them and find someone who truly appreciates you and that you truly enjoy working with. Many times as advisors we get caught up in the number of our practices. For example, “I manage a 200M book”, “oh yeah well I have 80M in Advisory” or whatever... Sometime I think we should measure things like, How much do we enjoy our practice? What percentage of your clients do honestly enjoy being around and working with? I would much rather have a 50M book fun of friends and people who value what I do, than a 150M book full of jerk-offs who are always complaining about my work.

likeupliftingsmart

Hardest client to build a professional relationship with is the one who comes to you, knowing everything already. At first, it seems great, they’ve come in and dropped money on your lap and said just do this, this, and this. If you don’t back them up to the start and cover what it is that you bring to the table and figure out what exactly it is that they need, you’ll just be an order taker until they find a cheaper order taker or a way to eliminate the order taker. Funny story I’d like to share: My brother in law, a CPA, came to me not long ago and wanted to open a 529 plan with $100k for his son who’s starting college next year. I told him we need to sit down and discuss what the goals were first before we do anything (knowing that was not a good idea already). He didn’t like that. He had his mind made up that the 529 plan was the way to go. Well, he jumped the gun and set it up on his own through Vanguard. 1. He’s already down money. 2. He doesn’t understand how a 529 works. He thought it’s tax exempt going in and out as long as it was for university expenses. 3. It’s a dumpster fire that I’m not on the hook for. 4. Not all CPAs are tax experts. 5. If I would have taken the money and did as he said, I’m sure I’d be blamed. 6. Thanksgiving dinner would be so uncomfortable forever from here on out.

likefunnysmart

$2k in a 403b? $2,000!? “I’m sorry, there’s nothing I can do to help you." That guy never showed up to work with anything but guaranteed pay and benefits but he wants you to work for free? I wouldn’t have wasted more than 5 minutes with him.

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Mail that client that piece that vanguard did showing the value of an advisor.

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I learned a long time ago in other sales jobs that the cheapest prospects ($2k at age 61?) become the neediest, most time consuming clients. Chalk this one up to pro bono investor education and your own education

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I am just curious if this is your client profile? It does not sound like this is a serious investor. I am wondering if he did you a favor?

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You skipped the groundwork of laying the foundation of your value. The clients saw you as a signer upper, not an advisor.

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Two rules have helped me about these issues. Never give actual advice without a signed contract. Unless client meets your minimums, you charge by the hour.

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I can handle that criticism. What is your value proposition to a 61 year old with $2k in a 403b and opening a Roth? He listened intently to all of my traditional vs. Roth explanations. I feel he was just taking as much free info as he could.

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I mentioned the alpha study and he just looked at me like I was crazy. I also don't push back a ton when someone has made up their mind. A personality flaw I guess.

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He is what I call a customer, who often times is an order taker, rather than a client, who often times wants to build a relationship, too

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What iar 1 said. You need to get better at this job lol

Value proposition must go both ways.

Probably not good client profile from the beginning; would’ve been best to let them know that up front and not taken them on

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