I would like to share a story about great client service from a financial adviser.
I would like to share a story about great client service from a financial adviser. The story started when my friend Danny received a letter from New York state containing a tax bill for $6,308.70 in connection with a small business he had closed about 18 years ago.
Danny shared his story over some beers as we watched the Jets get pounded by the Colts in the AFC championship game a few weeks ago.
As Danny explained it, the tax bill was so preposterous that he at first just ignored it. But when he casually mentioned it to his financial adviser, a red flag went up.
Danny's adviser — who runs his own small independent shop in New York — told him that the New York State Department of Taxation and Finance was possibly going through old records and had mistakenly identified his business as still being active.
The adviser volunteered to look into the matter and see what was behind the letter.
Although Danny recalls having filed the proper papers to dissolve the business, he was happy his adviser was taking a proactive approach on his behalf.
After some hunting, Danny located a copy of the certificate of dissolution he sent to New York City officials showing that he had indeed closed his business.
Danny's adviser then contacted that city office, which indeed found the file and the receipt of dissolution.
Case closed, right? Maybe in another state, but not one in which an ordinary working man is stuck between two lumbering bureaucracies that rarely communicate.
According to New York state, Danny still owed the $6,308.70. Graciously, Albany said it would knock 80% off the accrued interest and penalties Danny owed before 2003 if he agreed to pay his tax bill before March 15. (The state was patting itself on the back for its new Penalty and Interest Discount program.)
Danny's adviser said his client didn't owe the state a nickel. Danny then fired off a letter to the state tax department in which he made the reasonable argument that there was no need for him to pay back taxes, because his business hadn't existed during the time period at issue.
He received this response: “We will take a look back to see if we received a certificate of dissolution, and we will determine whether or not you owe.”
Danny is still waiting for the state's response, and his tax problem remains unresolved.
But one thing is clear: Danny's satisfaction with his adviser, whose interest, service and willingness to go the extra mile far exceeded his client's expectations.
Danny said he will never forget the adviser's efforts, which were an unexpected and pleasant surprise.
Danny's not yet sure whether that old saying about fighting City Hall is true. But in terms of building good will and earning a positive word-of-mouth response, going to bat for his client proved to be a winning strategy for this adviser.
Jim Pavia is the editor of InvestmentNews.
