On The Phone

or Register to post new content in the forum

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Aug 15, 2007 10:51 am

You boys and girls are VERY VULNERABLE now. 


Failing to talk to clients when times are rough is the leading reason clients leave.


If you're taking calls from them you're too late--they sat around for days wondering why you hadn't called to talk about what's going on and finally--on the verge of anger--they called you.


Get on the phone, and have something better to say than trite nonsense like, "When you opened your account we talked about how the best approach is to hold tight."


They no longer believe that, and you'll sound like an idiot if you say it.


You may be right, but they're not paying you to hold tight---they can hold tight without paying fees.  They're looking for ideas.


What are yours?

Aug 15, 2007 10:57 am

Please, pretty please with a cherry on top.....


SHUT THE f**k UP!

Aug 15, 2007 11:00 am
the word:

Please, pretty please with a cherry on top.....


SHUT THE f**k UP!



I think you'll find that that will piss off most clients asking you for advice.

Aug 15, 2007 7:55 pm

I think this is a good thread.  I'll tell ya DAtoo, typically I throw out an idea that would work in theory and try to convince them that it isn't the best time yet to execute it.  Might be shooting myself in the foot over the long-term, but I believe it is the right thing for the client to hold tight, in most cases.


I try to do what's right...

Aug 15, 2007 8:03 pm
drewski803:

I think this is a good thread.  I'll tell ya DAtoo, typically I throw out an idea that would work in theory and try to convince them that it isn't the best time yet to execute it.  Might be shooting myself in the foot over the long-term, but I believe it is the right thing for the client to hold tight, in most cases.


I try to do what's right...



Just think about how many more shares of whatever a guy owns he would have if he had sold on July 19th and bought back today.


Holding tight is not a strategy that is worthy of a "financial advisor" who is siphoning off 150 basis points for "advice."

Aug 15, 2007 8:04 pm

Hindsight is 20/20 DA.  See my next thread for your challenge.

Aug 15, 2007 11:24 pm
DAtoo:

You boys and girls are VERY VULNERABLE now. 


Failing to talk to clients when times are rough is the leading reason clients leave.


If you're taking calls from them you're too late--they sat around for days wondering why you hadn't called to talk about what's going on and finally--on the verge of anger--they called you.


Get on the phone, and have something better to say than trite nonsense like, "When you opened your account we talked about how the best approach is to hold tight."


They no longer believe that, and you'll sound like an idiot if you say it.


You may be right, but they're not paying you to hold tight---they can hold tight without paying fees.  They're looking for ideas.


What are yours?



I called them BEFORE this happened.  For many we raised cash or bought inverse funds.

Several have called to say "Thanks.  Anything else we should do?"  They were surprisingly calm.

Aug 16, 2007 10:03 am

I would think a good advisor who has educated his clients that the market doesn't always go up isn't getting a lot of nervous Nancy phone calls.  I know I'm not.  In fact the only phone calls I'm getting are from people who want to move things to me.  I'll end this month up about $1 mil from people who are just plain nervous and need a hand to hold. 


Hey Tatoo (that's the picture I have in my brain of this guy) why don't you hire someone to help you with that money.  Go play golf, shop, eat, drink, be merry.  You're life would be a lot more fulfilling if you weren't sitting around all day thinking about your money.