Five Clues Your Client is Cheating on You with Another Advisor

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Advisors tell me they have never lost a client and have a 100% retention rate. Apparently the day hasn’t come yet when they are in danger of losing a client to another advisor. But just in case it does, here are red flags that your client is sneaking and creeping around with another advisor.

Five signs your client is skulking around with another advisor

If a client starts showing two or more of these signs consistently, they are talking to another financial advisor.

  1. Unexpected request for documents, account information, passwords or a sudden increase in the amount of consecutive logins on your client portal

They haven’t logged onto eMoney in years and all of a sudden they’re calling you to reset their password. Then they log on five times in a week.

Any time that your client is accumulating documentation, you want to know about it. If they are talking to another advisor, they are already serious about leaving and you’ve got to come in with the Hail Mary.

But let’s say it’s innocent; maybe they’re reviewing their estate with their attorney. This is a great opportunity to deepen your relationships with their COIs.

I constantly hear from advisors that they have to scout for new CPA relationships so they can build their prospect base. To the maximum extent possible, you should build relationships with any service professional that your clients use. This may block the competition from infiltrating.