Being a financial advisor is one of the challenging jobs I’ve ever ventured.  The infinity of knowledge and the luxury of opportunities are just some of the perks at stake when you do this job.  In the past years of handling to clients, I have seen some major concern on how we manage to measure the 10, 5, 3, 1 ratio of clients who would like to engage with your proposals.  I have written some of the famous clients complains about Financial Advisors.

  1.  My financial Advisor gave me a too expensive policy.  The major reason why we create a proposal to clients is to provide financial freedom for them and to benefit the ones they love.  Giving expensive proposals that leads to lapsation of policy at the expense of benefiting advisors is a big No. My Financial Advisor Gave me Too Expensive Policy
  2. My Financial Advisor does not update me on my policy.   Disappearing advisors after the policy delivery have been a challenge to many financial advisors.  Maybe because they are servicing a lot of clients or they lose contacts with clients.  At the end of the day, maintaining constant communication with our clients will result in a major increase in referrals.  Referrals are the best prospecting sale. My Financial Advisor does not Update me on my policy
  3. My Financial Advisor’s messages are too irritating.  This is a contrast to non-communication.  But flooding with solicited or unsolicited messages may result in an inconvenience to our clients.  Remember, we want to give the best experience to our clients to maintain a long-term relationship. My financial advisors messages are too irritating
  4. I did not know that my financial advisor is no longer connected with the company.  This often happens when the financial advisors make a drastic change in career.  Normally a client became orphan during this time which could result in an unattended policy which most likely to have lapse policy in the end.  Although most of the normal process is to be connected to the upper manager of the advisor, this does not happen to some of the clients.  The best way is to inform the client of your career change because it will affect the handling of their policy.  Remember, when you acquire a client it is a relationship that you build till death their beneficiary take advantage.  Always inform the client of any information which relates to their policy. My Financial Advisor is not longer connected with the companyc
  5. Promising unrealistic returns on investments.  The major turn back of clients who complains about financial advisors is regarding the promise of high returns on investments.  The best way to run off this concern is to properly set expectations on the major returns base on how they answered the risk profile questionnaire.  By doing so, you would be able to set a factual basis for what to expect about the return on investments.  If you say guaranteed results of 10% on a Bond Fund allocation may be a drastic or wrong information you would ever assume about the market.  Always refer to their risk appetite to set proper expectations.

At the end of the day, creating the best experience for our clients will avoid all these complaints in the history of our career as a financial advisor.  Looking for the best financial advisor to take care of your financial needs will depend on how you respond to their queries.  Remember, maintaining a good relationship is not a way ticket only where all of the clients are always correct but a two-way conversation which aims to resolve any untoward conflicts.

I’d like to disclaim that these major complaints are my personal opinion and do not reflect the company I represent and or the clients I handle.  My goal is to create a holistic approach to handling clients to the best of my ability as a financial advisor for life.  If you have any additional comments or feedback regarding this topic please feel free to add on the comment section.


Get the Free Financial Consultation below.