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The importance of honesty in client relationships

What do you do if you have a ‘less than perfect’ relationship with a client?

One of my financial planner clients wanted to talk about such a situation and this is what happened. 

He had been an adviser to a wealthy married couple for several years and his view of the relationship was that it was not working well for him or the clients.

For one thing the clients worked with several advisers, not being comfortable to work with just the one. Another was that the husband in the relationship was always carping about fees and saying he thought they were paying too much. The tone of their meetings always seemed to be a little tense. 

On hearing this my question was, ‘What do you ultimately want for your clients?’

The adviser said he wanted his clients to be happy. He wanted them to feel like they were getting great value from the relationship and have open and honest dialogue.

My next question was, ‘Have you shared this with them?’ The answer was ‘no’ and so we had a conversation about it.

The honesty conversation

A conversation I have found it invaluable to have with clients is the honesty conversation. I ask that they be completely honest with me and not hold back. This includes the value they feel they are receiving and if they are not happy then we must have an open conversation about it.

The other side of the same coin is that I ask their permission for me to be open and honest with them about what I see. I add that I am not always right and that I am completely happy for them to challenge anything I might say.

In my experience this creates a more powerful relationship and deeper bond with your clients. 

The willingness to walk away from a poor relationship

I asked the adviser if he was willing to go and have an honest conversation with this couple. Also, whether he was willing to walk away from the relationship if this was the best thing for the client.

He said he was.

Several months went by until my client brought me up to speed with what had happened. He had an honest conversation with his clients and said that if they were not happy then they should bring the relationship to a close. He asked them to think it through carefully and let him know what they wanted to do.

The clients got back in touch and said they valued their relationship with him and wanted to continue. The husband was happy with the fees and agreed to stop bringing the subject up.

Truth is, it could have gone the other way but if this had been the best thing for the client then where is the problem?

Without complete trust a relationship cannot function

I think we can only do our best work with clients if the relationship is one of mutual respect and appreciation.

If we feel that things are not right, even though it may be challenging to instigate, an honest conversation is the right thing to do for everyone concerned.

Ultimately, it raises your professional self esteem and willingness to only work with great clients.

PS. Did you find this helpful? If so, you may also ‘The value of knowing your value’. Click here to continue.

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John Dashfield spent 14 years as a self-employed adviser. Since 2006 he has been a coach, mentor and author helping advisers create transformations in their business and personal lives.

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ABOUT THE AUTHOR

John Dashfield spent 14 years as a self-employed adviser. Since 2006 he has been a coach, mentor and author helping advisers create transformations in their business and personal lives.

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01580 753770

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07860 682530

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john@clientcentredadvisers.com

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