Investing is an important discipline and a service that many people are in need of. This is why many financial planning experts and investment managers are out there, but sometimes they have to put up with annoying clients. Here are some of the types of clients that are just too much, and you should consider dropping if you are a financial planning entrepreneur.
If you ever come across a client that is constantly calling you every day to check how their investment is doing, or perhaps to complain about the performance, you should not have to put up with their nagging. They are the types of clients that will attempt to shoot down most of the strategies that you propose, if not all. Such clients deserve the boot, especially since they keep undermining your skills.
Some clients are all about getting money no matter what, and they expect you to make money for them constantly. They do not care about the associated risks or even the weaknesses that may hinder profits in their portfolio. They are the type of investors that are too emotional about their investing. Keeping such clients over the long-term might be detrimental to your performance. You should instead focus on keeping clients that understand the complexities involved in navigating the investment landscape.
Every now and then, you may come across a client that understands the market dynamics and is on-board with your long-term strategy, but the problem is that you just don’t get along with them. This might be because the client has a negative attitude that stands in the way of your professional relationship with them. In such cases, it would be best to avoid keeping such clients.
Being an investment manager is not about accurately picking the best investment assets all the time but rather the skill to deliver the most value. Some clients may have the wrong idea about your role, and as a result, they may end up having the wrong expectations. Such clients often dismiss your opinion during investment meetings. This means they do not value your input, and you have no business entertaining such clients.