Fulfilling Client Relationships

Tis the season for political campaigns, and what is the number one objective of every candidate? To define him/herself before their competitor does! That’s not far from what financial professionals need to do as their number one priority with each new client. Define yourself before your client does!

Clients enter into a new relationship with a financial professional with any number of preconceived ideas as to what they expect. You’ll always be available for them. You’ll answer their tax questions, mortgage questions, lease versus own questions, and on and on. So long as you get paid for all that time, no problem. But all too often financial professionals leave themselves wide open and don’t define what the relationship will be hoping that it won’t be too high maintenance and hoping that there is enough commission to make it all worthwhile. In some cases that hope will materialize. In others, though, it won’t. And as you add more and more clients, the ones who have an open-ended relationship with you will eat up more and more of your time and energy without any compensation. Don’t do it. Start each relationship with a very definitive understanding of what you will do and won’t do and exactly how you get paid. That way everyone’s expectations are met throughout what will likely be a long and prosperous career.