Posts Tagged 'Staff'

Stop the Madness – Fire a Client


The two biggest stumbling blocks to high productivity (being in the zone) are stress and lack of confidence.

So I will ask, Do you have a client that calls and when you hear their name or see it on the caller ID, you immediately feel nausea or a pit in your gut?  If you are like most advisors, the answer is YES!

This client is likely a good source of revenue, but a high source of anxiety and energy drain.  You want to like him or her and try to please them, but each time that darn phone rings or that email comes in, you feel sick.

Consider this.  The amount of life force this relationship takes from you and your staff is equal to 7-10 great clients you enjoy.  These wonderful relationships, not to mention family and staff, are suffering as a result.

There IS a solution.  Fire them.  Let them go.  Say goodbye.

Yes, you hate to let the revenue go or admit failure, but fear not, it is for the best.

So how do you do it?  You don’t want to hurt anyone’s feeling or ruin the relationship with a referral source.  But be assured,  the client knows it too.  So here goes…

Depending on how you feel (yes, feel), this can be done by letter or over the phone. 

Here is a sample conversation:

“Joe, I realize that you have found our relationship to be less than satisfactory, which both I and my staff have sensed from your comments and behavior.  I believe that you would be better served by another advisor.  We will cooperate and aid in any manner we can in the transferring of your relationship.  I have appreciated our work together and this decision was not reached without careful consideration.  This is not something I wish to discuss further.  You will need to speak to (insert staff person’s name) to give your instructions where you would like your accounts and/or file sent.  Please hold on and I will turn you over to them now”

Push the hold button and BREATH.  You did it.  Cherish the moment and remember the feeling of stopping the madness.

Guide – The stress of one bad client is equal to the energy it takes to support 10 normal relationships.

Action item – You are a good person.  Free yourself from the oppression and fire this client.  You know who they are.  You will be better off.

© 2010 The Advisors Center, LLC – All Rights Reserved

Give Credit Where Credit is Due


As a professional advisor, sometimes it is easy to think that it is all about you.

Most advisors have staff or are part of a team.

Don’t forget to give them credit!

Your staff is likely your most valuable asset. You could not do you job effectively without them. You must let them know it.

There are many studies out there but time and time again, the number one most effective thing is to let them know they are appreciated.

This appreciation can easily be shown in some simple ways:

  • Say “thank you” – the most appreciated.
  • Buy lunch for the office yourself – Have a monthly employee lunch where one staff picks lunch for the entire office and you buy.
  • Give them a paid day off – Particularly if you see they are stressed. Do it spontaneously – “Take tomorrow off, you earned it”
  • Atta boy/girl certificates – AAA sells gift certificates good for area restaurants – give them out.
  • Tickets – perhaps you get offered tickets for events (concerts, theater, sporting events) – give them to your staff or, just buy them some.

And tell you clients how much you appreciate your staff. They will let your staff know too.

Guide – You are not a one person show. Don’t forget it.

Action Item – Let your staff/team know how hard they work and that you could not do it without them. Be sure to show them.

© 2009 The Advisors Center, LLC – All Rights Reserved

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