One of the key concepts of Advisor 2015, is not to tolerate certain toxic client relationships. In speaking with a new coaching client recently, they were discussing with me a very needy, multi-million dollar, non fee based client. This client has generated less then $1,000 per year in fees -primarily from deeply discounted bond trades. This person is demanding, calls a few times per week, and does not take the advisors advice on financial planning, etc. I asked why they were tolerating the relationship. There response was a list of poor justifications, does not want to loose the assets, scarcity, afraid of conflict, someday maybe they will change their minds, etc, etc. This relationship was a big stressor, we had to make a change. Let me share with you the entire story with my audio comments.
Tolerating Clients
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