So, who are they really?
If there’s one constant in the financial advice business, it’s this: advisers are in constant pursuit of new business. Not all clients are created the same, however. While many prospects turn out to be valued customers, some end up being a lot more trouble than they’re worth. In some instances, clients turn out to be demanding, difficult or just plain obnoxious. But in many cases, no one’s to blame. Often, it’s a simple matter of advisers and clients being ill-matched from the start.
Thus, it’s pivotal for advisers to show some discretion in taking on new customers. “It’s like a marriage,” said Michael W. Byrnes Jr., president of Byrnes Consulting LLC, who works with about 20 advisers. “If you’re building a long-term relationship you need to really get to know the people.”
By asking the right questions before getting tied to a client, an adviser can steer clear of a prospect who might be a potential pain – or worse, a resource and revenue drain.
So, what kind of questions should advisers ask to weed out problem prospect? Here’s ten, culled from advisers and consultants. [Story by InvestmentNews reporter Lisa Shidler]