My dear friend, you are in serious need of the Nick Murray book, the New Financial Advisor.  These are not people you want on your ARK.

Did you sell the investment based on performance?  Then you are reaping the fruits of your labor.

The only thing you can control is your understanding of what the client needs and then your very best efforts at helping them meet your needs.

I don't have time to review the whole book here, but get a copy.  It is the best book out there to give you tools you need to survive in this business and build your book the right way.

Chin up and good luck.

[quote=ezmoney]

Anyone keep getting calls from the same client every month asking you why their acct. has not grown, and how they have not made any money since they opened the acct.

I'm sick of it!

I did not sell based on performance. I always tell my clients it’s a long term commitment of which performance cannot be measured month to month. This client is very emotional and reads current events too much. He is one of my 1st accts. I opened, but I’m getting very sick of his antics. Should he be fired?

If you can’t straighten out the client, fire them. Because the next 5%-10% correction we get in the market, that client will be parked in your lobby with their attorney.

[quote=ezmoney]

Anyone keep getting calls from the same client every month asking you why their acct. has not grown, and how they have not made any money since they opened the acct.

I'm sick of it!

[/quote]

Boy isn't that the truth.  Pesky damn clients don't get the gag.

This is a gig that is supposed to covert their assets to fees as quickly as possible.

NASD



Get a life

[quote=bankrep1]NASD

Get a life[/quote]

Now BR1, what in Heaven's name would someone as stupid as Put do with a life?  Let's let sleeping dogs lie, and leave the real lives to those of us who deserve them, and would do useful things with them.

[quote=Revealer][quote=ezmoney]

Anyone keep getting calls from the same client every month asking you why their acct. has not grown, and how they have not made any money since they opened the acct.

I'm sick of it!

[/quote] Tell them that not everyone should be in equities and strongly suggest they sell all their "stuff" to go completely fixed income (preferably short maturities). I have found that this will either (1) cause them to sell or (2) quiet them down because you have effectively told them to "sit down, shut up and hold on".[/quote]

I've done the same thing...I tell them that I didn't realize how fast they needed to make a lot of money and ask if they want to liquidate and put it all into an oil/gas well.

Gut check time. We've got one coming in for a portfolio review in countdown .... little less than 3 hours.

He's not an "account watcher" - he's just a PAIN. He's a small, little, wee man, with a large account he likes to remind us of every chance he gets.

He's the type that likes to call at 12:52 pm on a Friday when he knows we close at 1pm to make 10 account to account transfers of 1 share a peice of Lord Abbett Mid Cap to each of his grandkids - and wants it done BEFORE market close. Has this annoying spit collection in his mouth that he purses when he talks.

Going to do my best to smile (through gritted teeth). Offer iced tea and cookies. Ask about his dog.....

Devoted SA:

Has this annoying spit collection in his mouth that he purses when he talks.

---------------------------------

To protect the finish on your table, just throw a tarp over it and tell him you're getting ready to paint. If he's a "sprayer", buy a couple of waterproof ponchos.

[quote=Devoted SA]

Gut check time. We've got one coming in for a portfolio review in countdown .... little less than 3 hours.

He's not an "account watcher" - he's just a PAIN. He's a small, little, wee man, with a large account he likes to remind us of every chance he gets.

He's the type that likes to call at 12:52 pm on a Friday when he knows we close at 1pm to make 10 account to account transfers of 1 share a peice of Lord Abbett Mid Cap to each of his grandkids - and wants it done BEFORE market close. Has this annoying spit collection in his mouth that he purses when he talks.

Going to do my best to smile (through gritted teeth). Offer iced tea and cookies. Ask about his dog.....

[/quote]

Interrupt the meeting several times, pick up the phone and pretend like you're talking to a trader. Rattle off some substantial stock trades for several accounts into the phone. It will help this chump to see where he really fits into the scheme of things. Then ask him for referrals. Tell him that you have increased your minimum to a million dollars more than his account size. Assure him that this will not effect him because you got permission to grandfather him.

[quote=ezmoney]I did not sell based on performance. I always tell my clients it's a long term commitment of which performance cannot be measured month to month. This client is very emotional and reads current events too much. He is one of my 1st accts. I opened, but I'm getting very sick of his antics. Should he be fired?[/quote]

I think the problem lies in the fact that he is 'one of the first accounts you opened'. As a new advisor, you tend to spend more time holding hands, talking with your first accounts as you are new to the business and some clients get used to that attention. As you grow into the career, you change, evolve, do things differently and as a result don't pay the same attention. Some clients' shift with you away from frequent contact, others don't.

In a career development class I once took, there was an excercise that had you envision your first few clients... then ask yourself if you would want them as clients today... if you don't want to outright fire the client, can you 'pass' him to another person in your firm? One who has the time on their hands you used to have to care for this person?

Maybe a good way to save the client, help a new person out and save your reputation all in one.

Fire that client!!  They will rarely be transfored into a happy person.  Eventually, in a bad market or poor performance in a good market, they will be driven to raise a fuss with you and/or your branch.  You don’t need the hassle, or the negative publicity that this person will spew about you.  Remember - on a ‘perceived’ bad experience, a customer will tell 10 people of their dissatisfaction.  Cut the cord today!!

why work with someone you don’t like? I had this guy call me and was like your name is not on my statement anymore … . . I was like I know

[quote=bankrep1]why work with someone you don't like? I had this guy call me and was like your name is not on my statement anymore ... . . I was like I know[/quote]

Not quite as fun as "what am I supposed to do with all of these certificates that showed up in my mailbox?"

I like that. I can see the liability concerns though

[quote=bankrep1]I like that. I can see the liability concerns though[/quote]

We can send certs out any time we want. When you get away from the bank, you will see how the real world works.