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“Clingy.” “High maintenance.” You may or may not be in a personal relationship, but you know the terminology. These are not characteristics you seek out, but sometimes they come with the territory. These terms are sometimes relevant to clients too. How can you get onto an even keel, with less rocking the boat?
Today, people are used to accessing service 24/7. Years ago, State Farm, an insurance company ran ads indicating you could call with questions in the middle of the night. Financial professionals like financial advisors and accountants usually have a 1:1 relationship with clients. There is no customer service desk. You want to be there for your clients, but not get calls during dinner or in the middle of the night.
What does achieving balance mean? Imagine each client relationship like a pendulum, swinging from side to side. In the beginning, your client might need lots of attention. They ask lots of questions. They second guess you. They seek outside opinions. You are patient, although the incoming calls far outweigh your outgoing calls. Over time, they get comfortable with your schedule of periodic reviews. They know they will hear from you on a schedule, yet you are also available if they need you. Eventually the pendulum swings far in the other direction. You call with an nidea and they say “do it” before you fully explain. You insist on telling them all the details as they say “I trust you.” You bring them to the point where they are available for reviews yet they have a high degree of confidence in your advice.
1. Demands on your time
At the midpoint in my career as an advisor, I did sometimes get client calls late on a Friday evening. You need to balance being available with having personal privacy. Here is what worked for me: I would explain to new clients “I will only call you during regular business hours. That’s 9:00 AM to 5:00 PM on weekdays.” (Emergencies would obviously be an exception.) “You are not bound by this rule. If you really need to speak with me, you can call me anytime.”
Guess what! Clients are worried you might call them late on a Friday! Now they are relieved. In my experience I found clients would accept the 9:00 to 5:00 rule and said they would abide by it too.
2. Confidentiality
This doesn’t directly relate to balance, but it is worth mentioning. New clients might think you talk about your clients, especially if you are in a social setting where everyone knows each other. Their friends might mention they are your client. They assume information flows both ways.
Let them know you cannot tell anyone in the public you work together. You are bound by confidentiality. The client is not bound by this rule. They can tell as many people as they like. You encourage it.
3. Reporting performance
Remember pop quizzes from school? Weren’t they annoying? When the stock market is volatile, clients can get nervous. They might call up and ask: “How am I doing?” or “What am I worth now?” This might be fine if you are seated at your desk, but not while driving to an appointment.
Setup the year’s schedule of portfolio review meetings in advance. (They might be quarterly.) Remind your client when the next one is coming up. Indicate “if they can’t wait” you can put one together, giving yourself some time (a day or two) when you will be in your office at your computer. Clients are often understanding.
4. Respect for the rules
In day to day life, it is far to say we all take liberties. You might jaywalk instead of crossing at the corner. You might drive a few miles above the speed limit. The financial services industry has very strict rules. You cannot sign someone else’s name or place an order in their account without proper authorization. FYI: Singapore, jaywalking gets you a $50-$1,000 fine.1 Littering can get you a $1,000 fine.2
Explain to new clients the rules cannot be bent.
Clients are looking for balance in their lives too. They also want to know the rules are applied uniformly to all people. This can be the foundation for a solid, long term relationship.
Related: When You Volunteer, Is Passion Important?
1 https://en.wikipedia.org/wiki/Jaywalking#:~:text=In%20Singapore%2C%20jaywalking%20(not%20using,the%20latter%20is%20rarely%20imposed.
2 https://stanfort.edu.sg/singapore-laws/#:~:text=Singapore%20has%20strict%20laws%20on,Corrective%20Work%20Order%20(CWO).