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January 04, 2020 at 02:40 AM
(Related: To Script or Not to Script)
Clients have lots of reasons for leaving. They might not tell agents and advisors the whole story, or any story at all. Many financial professionals consider a departure as a personal insult. They dig in their heels, thinking, “Good riddance.”
They might even say: “I would never take them back!” It’s very difficult to build a business by focusing on what you won’t do. Consider this instead.
A Situation We Don’t Want to See
Here’s the scenario. A good client leaves. There’s little explanation, the account just transfers out. Maybe the client calls to say goodbye. Perhaps the advisor initiates the call. Either way, the account is gone.
An Approach to Try
A New York City advisor has a strategy for winning some of these clients back. She assumes someone else prospected them, explaining how the grass is greener on the other side of the street. She also figures, over time, the former client has realized it’s the same grass.
She is a good student of human psychology, realizing most people don’t want to admit they made a mistake. They would rather sit tight and be miserable instead of admitting they made the wrong decision.
Bryce Sanders is president of 