Your client is unhappy with past financial advice. How will you turn their dissatisfaction into trust?

1 Acknowledge Concerns

When a client expresses dissatisfaction with past financial advice, the first step is to listen actively and acknowledge their concerns. This demonstrates your respect for their feelings and shows that you take their issues seriously. Validate their experience by assuring them that their concerns are important to you. Avoid being defensive; instead, focus on understanding the specifics of their dissatisfaction. This initial empathy can set a positive tone for the conversation and pave the way for rebuilding trust.

2 Review History

To address your client's unhappiness, conduct a thorough review of their financial history, including the advice given and the outcomes. This step isn't about assigning blame but rather about gaining a comprehensive understanding of what went wrong. By reviewing the history, you can pinpoint specific areas where expectations weren't met and identify any miscommunications or misunderstandings that may have occurred. This analysis is crucial for crafting an informed and effective response.

4 Tailor Solutions

After understanding your client's concerns and reviewing their financial history, offer tailored solutions that address their specific needs and goals. Personalized advice demonstrates that you've listened and are committed to their success. Explain how these solutions differ from previous advice and why they are more suitable now. This bespoke approach not only shows your dedication to their unique situation but also reinforces the value of your expertise.

5 Build Communication

Effective communication is the cornerstone of trust in any relationship. Establish a clear and consistent communication strategy with your client. Decide together on the frequency of updates and the preferred method of communication, whether it's through meetings, phone calls, emails, or reports. Be proactive in sharing news that could impact their financial plan. Keeping the lines of communication open and transparent will help rebuild trust and reassure your client that they are always informed.

6 Monitor Progress

Finally, commit to monitoring the progress of your client's financial plan regularly. Schedule check-ins to discuss performance, make adjustments as necessary, and ensure that the plan remains aligned with their goals. By actively managing their portfolio and being responsive to changes in their life or in the market, you show a continuous commitment to their financial health. This ongoing diligence is key to turning past dissatisfaction into lasting trust.