The client takeover

The client takeover

The client takeover

But that’s not always the case, especially with smaller clients, who tend to be more respectful of the advisor, their time and advice, McElroy says.

“I myself still have many smaller clients that have been with me from the start, and I would never consider sending them away unless the relationship became toxic,” he says. “Most smaller clients respect your time and realize they are not big accounts.”

Timing can play a key role when coming to a ‘lost’ client’s rescue? Spence recommends first establishing whether you and the prospective client are on the same page. The last thing you want to do is take someone on, who has already lost an advisor, to find out you are not the right match either. It’s about “discovering whether or not they can do the same things to satisfy the client,” he says.

In general, McElroy says there is no stigma against dropping a client, as long as the, perhaps, unexpected news is delivered in a professional manner.

“People understand that they may be better served elsewhere, if they are not a good fit. It’s really better for everyone; you just have to handle the situation properly.”

Spence, agrees, adding that the personal approach often works best. “I would say that a personal phone call, followed up by a written letter would be the best practice in this case,” he says.

To appease the situation, McElroy suggests sending the client on their way with a few referrals to replace you and your advisory services.

"If someone has been with you for a long time, I think you owe them this courtesy at the very least,” he says.

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