Page 38 - Investment Advisor October 2022

steps back to let their colleague run the
meetings, and then lets them take over
the meetings completely.
This sounds straightforward on
paper, but in real life, human psychol-
ogy can get in the way. Often, it’s the
advisor who has a harder time letting
go of the relationship than the client.
Many advisors believe that clients need
them — them specifically — more than
the clients themselves do.
The typical wealth management cli-
ent just wants their needs met. They
want to work with someone they trust
to give them sound advice and responses
to their needs.
Our consultants often hear, “We can’t
transfer that client.” And our response, The typical wealth management client just
informed by two decades of experience, wants their needs met. They want to work
is, “Do you want to bet on that?”
When firms are looking at transition- with someone they trust to give them sound
ing client meetings, we advise them not
to emphasize the relationship the original advice and responses to their needs.
advisor has with the client, but rather to
emphasize the service that the organiza- work directly with me and times you We are all here to help you when you
tion is providing to the client. The goal may work with [the previous advisor], need it. Let’s talk with [previous advisor]
is to maintain or improve on the level depending on schedules and responsi- together and see how we can accommo-
of service with the new advisor. Indeed, bilities of staff.” date this. Are you willing to schedule
service often improves because the newer In rare instances, that won’t satisfy another appointment now?”
advisor has more available capacity. the client, and they’ll push. A possible At that meeting, the original advisor
We have seen firms successfully trans- response: “I hear you. We are all here to should be clear but diplomatic.
fer clients without having the previous help you when you need it. [The previ- Some helpful remarks could be: “I
advisor in a single meeting. In those ous advisor] is here for you too, and if want to be in all your meetings, and I am
cases, the new advisor has respond- you have any questions or issues that here if you need anything. As an advisor,
ed effectively to email and phone calls you’d like to talk directly to them about, I have a responsibility to ensure all cli-
over a period. When the original advisor I can notify them for you.” ents are taken care of. As a result, I have
informs the client that the new advisor Another common question: “Will developed a team around me. What if I
will handle the next meeting, the client [name of previous advisor] be attending am out on vacation and you really need
typically doesn’t question it, because a our meetings?” help? I want you to have someone else,
relationship of trust and confidence has A good answer would be: “It depends. not just me, you can depend on. To help
already been established. We work as a team and we’re all familiar you build these relationships within our
with your situation. You may not know firm, I’ve asked [new advisor] to lead
3. ANSWER FREQUENTLY this, but for the last several years, I your meetings. Are you willing to give it
ASKED QUESTIONS have worked behind the scenes on your a try and see how it goes?”
During this process, clients often ask financial plan and other services we For client transfers to be successful,
some standard questions. A common provide for you. You’ll see my face more the original advisor must let go and trust
one is: “Is [name of previous advisor] often now in the meetings, and if there their colleague and their team to take
still my advisor?” are any issues, [ previous advisor] can be care of the client. That, in the end, is
A good response is along the follow- brought into the meetings as well.” what teams are all about.
ing lines: “Our firm works as a team, On a few occasions, the client will
although it occurs to me now that insist that the original advisor be pres- Angie Herbers is managing partner and
you may not have known this. In the ent in all future meetings. I suggest founder of the advisor consultancy firm Adobe Stock
future, there will be times when you responding with empathy: “I hear you. Herbers & Co.

36 INVESTMENT ADVISOR OCTOBER 2022 | ThinkAdvisor.com