I have a client that is about 5 years from retirement but and close to his overall savings goal. He continually wants to jump back and forth from Conservative to Aggressive, doesn’t take many of my re

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Fire him- no win situation

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recommendations and then blames me if we miss a quick run up in the market. He is a big client in my top 5 but I’m wondering if he’s worth the hassle. Does anyone have experience in letting a client go? What would you do if you were me?

Geez. Can’t have it both ways.
But I hear ya about being hard to part with the assets under management.

If he’s worth keeping for now, I’d have him sign a physical form every time he does a short term trade. Tell him it’s to protect both you and him.

I think you re-educate him on the importance of "time in the market not timing the market". Remind him of his goals and ensure that you have it all down correctly. If that falls on deaf ears, let him know you can no longer be a part of him guessing the market’s direction and let him go. You are potentially a complaint away from it really not being worth it.

You have to give him confidence to follow your lead. Otherwise you both will be in trouble

Do you not have a retirement plan for the client? The plan should give him what return is needed for the long term to maintain his lifestyle need. Why take more risk than needed? You can’t let performance dictate your relationship.
Educate the client

I’ve spelled out a retirement plan for him and recommended he stay moderately conservative with his investments. Like I said though he gets wrapped up in short term rises in the market and request to move more aggressive. I’m uncomfortable because he continues to deviate from our plan. Part of the issue is his whole hearted faith in our president to drive the economy to new heights. I don’t want to get political but I just don’t think POTUS has as much to do with the stock market as many think.

Not a client

So step one is take politics totally out of any future conversation. Don’t ever let the topic go there. Too much of a hot button for sure.

Call him in for a little sit down and express your concerns. Lay the law down that any new client you onboard goes through a thorough Q&A and risk analysis to help drive asset allocation.

Then show him chart of market performance if he misses just the few best days. I speak from experience if he’s worth keeping, have this talk now and get buy in. Otherwise he could be lost

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