What’s the No. 1 client complaint?

Here are three of the most common communication problems cited by clients — and how to resolve them:

1. Not enough communication
The No. 1 complaint among clients of financial advisors is that their advisors aren’t contacting them enough, says Joanne Ferguson, founder of Advisor Pathways Inc. in Toronto.

“Clients are recognizing that there are more [financial services] teams out there and clients want help,” Ferguson says. “They want to be able to call and get that help.”

The problem is that you may feel that clients want to speak with you directly, and the thought of talking to all of your clients can be overwhelming if your client base is large. However, what clients are saying, according to Ferguson, is that they want to hear from someone on your team.

So, incorporate your team members into a regular rotation of phone calls and emails to clients.

For example, if you want to contact your clients on a quarterly basis, you can be directly involved with half of those events though client meetings and phone calls. Let your team members cover the other half by getting in touch with clients to answer their questions, Ferguson suggests.

2. The advisor favours one spouse
It is common for an advisor to relate more to one spouse within a client couple, leaving the other partner feeling excluded, says Norm Trainor, president and CEO of the Covenant Group in Toronto.

This situation can often occur with a male advisor, who finds it easier to connect with the male partner of the couple, Trainor adds. And it can threaten asset retention in the event of the death of one spouse. Approximately 70% of widows leave their financial advisors within a year of their husbands’ deaths, according to U.S. mutual fund firm the Vanguard Group, Inc.

So, you must draw in the less-involved spouse so both individuals feel engaged. Make sure you are directing questions to both spouses, Trainor says, and engage in equal eye contact.

You can also be a thoughtful third party in helping clients work through differences. For example, if the partners have conflicting opinions on their risk tolerance, you can listen to both spouses and guide them through a discussion that will help your clients understand each other’s viewpoints.

3. Advisors are inflexible in their communication efforts
Advisors need to make themselves available at a time and place that’s convenient for the client, says Richard Heft, co-executive director of Ext. Marketing Inc. in Toronto.

Clients often have difficulty balancing their professional and personal schedules. While you may find Tuesday morning to be the best time for you to meet a client, your client might be forced to take time off work to see you.

Ask clients how and when they would like to get in touch. If you find that half of your clients would like to see you in the evening, try to make that an option, Heft says. Consider adding one evening of meetings to your weekly schedule, and using a quiet morning to run errands or work on the business.