Just lost a client...what should I do next after crying inside?

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Dont sweat it, keep prospecting more Aum. Losing client happens.

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I did such a great job for clients in 2017, a few of them pulled out money in 2018 to buy big-ass homes.

So I lost 5% of AUM and then the market decline caused another 5% decline in AUM.

unless that client was 10% of your book, you did better than I did!

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Cry on the outside. Then ask yourself what you can do better in the future

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Get 2!

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I seldom lose a client but when I do it stinks. Do yourself a favor and don’t look at your production run until you’ve replaced that client with 2-3 others of equal or greater value. Go out and prospect until you do

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Remember you control no one except yourself. No recriminations, just find a new client that allows you to help them. Many are called but few are chosen

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Just like we tell our kids... learn from it, shake it off and move on

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Some will, some won’t, who cares, who’s next. David Sandler.

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“Sooooo hot! Want to touch the heinie!” - Adam Sandler

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This seems to be my 2019 problem. I never really worried about retention and now it seems to be playing with my mind. Ugh this stinks

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If there was anything apparent, figure out why and hope to improve in the future. Now go replace that client with 3 more who value your services and skills.

Totally understand. It happened last year. I was devastated. I realized I had to step up my game and reach out more. Take care of the ones you have

It’s very tough. Happened a few times over the year. Currently I have three I feel are a flight risk. No fun!

Happens to everybody. Do you know why they left? Finding that out will help you know if it was something you did and what you could do better. Assuming you had there investments invested well (i just mean diversified mix of stocks and bonds in line with risk tolerance and time horizon) it really just comes down to managing expectations, you could be doing everything right and they could be unhappy if you aren’t properly managing their expectations.

Tell them their account will go down, tell them what they should expect return wise over the long run, know what their goals are and show them they are on track or not etc.

The day you sign a client is the moment you start losing them .

Have a short memory and move on. It will happen many more times in your career. Refocus your energy on helping someone else.

Don’t chase them, replace them.

Update: call Monday from 6 year client finally retiring. Big rollover and the narrative changes. Peaks and valleys exist but this business gives a lot more than it takes if you keep putting in the time

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