Your client refuses your financial advice. How do you pivot to ensure their financial success?

1 Build Trust

Building trust is the cornerstone of any advisor-client relationship. If your client is hesitant to follow your advice, take a step back and focus on strengthening the relationship. Show genuine interest in their financial well-being by asking about their long-term goals and the reasoning behind their decisions. By understanding their perspective, you can tailor your advice to align with their values and objectives. Transparency is key; explain your recommendations in layman's terms, ensuring they grasp the rationale behind your strategies. Remember, trust is built over time through consistent, open, and honest communication.

2 Reevaluate Goals

When faced with resistance, it's important to reevaluate your client's financial goals. Perhaps their circumstances have changed, or they have new priorities that haven't been communicated. Sit down with them to review and possibly revise their objectives. Ensure that these goals are SMART: Specific, Measurable, Achievable, Relevant, and Time-bound. This process can help realign your advice with what they are truly aiming to achieve and demonstrate your flexibility and commitment to serving their best interests.

3 Offer Alternatives

If your initial financial plan doesn't resonate with your client, be prepared to offer alternatives. Presenting multiple options empowers your client to make informed decisions that they feel comfortable with. Each alternative should be viable and tailored to their risk tolerance and investment horizon. Explain the potential outcomes and risks associated with each choice. By providing a selection of strategies, you reinforce your role as a guide while respecting their autonomy to choose the path that feels right for them.

4 Educate Thoroughly

Education is a powerful tool in overcoming reluctance. Take the time to thoroughly educate your client about the financial concepts and products relevant to their situation. Break down complex ideas into digestible pieces and relate them to their goals. Use analogies and real-life examples to make the information relatable. The more your client understands about the financial landscape and how different strategies can benefit them, the more confident they will feel in making decisions that align with your advice.

5 Follow Up

Persistence and follow-up are key when dealing with a client who refuses advice. Schedule regular check-ins to discuss their financial situation and any changes in the market or their personal life that might affect their plan. These meetings are opportunities to revisit earlier recommendations and adjust as necessary. Your consistent presence and proactive approach can reassure your client that you are dedicated to their success, even if they initially choose a different path.