I am Concerned About Our Reputation

Beverly Flaxington is a practice management consultant. She answers questions from advisors facing human resource issues. To submit yours, email us here.

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Dear Bev,

We are transitioning from largely an investment management shop to a full-scale life-planning advisory firm. We’ve implemented new software to assist us in this process and we’ve hired a consultant to work with our advisors on not only the components of a life-planning discussion, but how to talk with clients about personal issues.

The problem we are encountering is that many of our advisors push back against this approach because they believe this is not what our clients hired us to do. Advisors claim that in some cases the client has accused the advisor of being pushy or nosy about their personal lives.

As the founder of the firm, I am concerned about our reputation and client satisfaction. I believe going to full planning is the right thing to do. But I don’t want my advisors upsetting clients who are satisfied with what we’re doing. Are advisory firms taking a hybrid approach in these situations? What are some best practices for shifting the approach?