Purdue University researchers Tim Christianson and Sharon DeVaney examined interpersonal relationships between financial advisors and clients. In particular they identified factors that facilitate a client’s feelings of loyalty. Of all the factors examined in their study, by far, the one that had the strongest influence on an advisor’s ability to win a client’s trust and commitment was communication.

Lesson Number One: The warm call – contacting your existing clients.

Having read that box above, let me tell you about two of our coaching clients who failed to learn that lesson and will likely carry guilt around with them for the rest of their lives because of it. In both cases, the market was turning down and their clients began to lose money – having followed these advisors’ investment recommendations.

In the first case, the advisor was responsible for his clients’ losing more than 50% of their holdings. That was several years ago. In the second case, our conversation with him was just within the past month. He still has not contacted his clients to discuss with them the current volatility. And, we’re still working on him to recognize his accountability.

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