Why didn’t you get the business?


In my role as a specialist coach to Financial Advisers I get the privilege of speaking to your clients and finding out what they like and what they don’t like; why they choose you and why they don’t and I’d like to share some feedback with you, perhaps you can learn from the mistakes of others so that you don’t make them too.

7 mistakes advisers are making (as told by client’s of Financial Advisers) – don’t make them too!


  1. As soon as an Adviser starts speaking I have a pretty good idea of what it will be like to have a long-term relationship with them by how well they listen to me. Unfortunately this particular adviser spent most of our first meeting talking about them and their business. How they have been in the industry for over 15 years and how they feel they are a leader in the industry amongst their peers. I was really bored, I couldn’t understand how that was relevant to me, and they didn’t explain it.  I have a financial problem that’s really keeping me awake at night and I wanted to hear how their business could help me, had they solved problems like mine before? Since the GFC we’re really nervous about who we pick.
  2. Because I had been referred to this particular adviser he assumed that I would use his services, he didn’t ask if I was speaking with any other Advisers, if he had of done he would have learnt that I am speaking with two others who have also been referred to me. He treated the meeting as a ‘courtesy’ as though I was definitely going to give him my business but thought we should meet face to face. He didn’t make me feel important or different to any of his other clients. Telling me every five minutes that my friend was a client of his didn’t demonstrate how he could help me.
  3. The Adviser I have chosen to manage my money made me feel welcome and had a genuine interest in my situation. They asked lots of questions to gain an understanding and demonstrated how they had helped others like me to solve their financial problems, giving me comfort that they can help me long term. The Adviser demonstrated that he wanted my business in a nice relaxed manner. I work hard for my money and I want to give it to those who deserve it!
  4. The Adviser I chose recommended that I speak with other clients of theirs to gain an insight into how they operate whereas the Adviser I didn’t choose never offered such a service he just assumed I would use him because he had been referred.
  5. The Adviser I chose explained to me that he would be responsible for my portfolio however, if I ever needed him and he wasn’t available for whatever reason, I could contact the Client Service Manager, Sam, who was also present in the room so she understood who I was and what my needs were  – gave me even more comfort that there are others in the business who can help me unlike the other Adviser where it was all about him.
  6. All the Advisers I spoke with were pretty much charging the same fees and price wasn’t really a deciding factor for me and between you and I the Adviser I chose, could have charged more! He just came across as straight forward, he listened and made me feel as though I would also have say about what happens with my money, the others didn’t.
  7. All the Advisers I met with had their own presentations that they went through but the difference between the Adviser I chose and the others is that they had interesting slides with lots of pictures rather than just numbers and they stopped at each slide and asked me if I had questions whereas the others just sped through them and didn’t stop! I kept thinking, “How does this relate to me?”

Rachel Staggs runs a series of seminars. Click here for more information.

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