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Beverly Flaxington is a practice management consultant. She answers questions from advisors facing human resource issues. To submit yours, email us here.
Dear Bev,
Sometimes I think our senior leaders don’t really understand the difficulty we face in working with clients who are facing a crisis. Right now, I have two situations I am helping different clients negotiate. In one, a client’s spouse died very unexpectedly (and quite young). The couple had a loan out in the deceased spouse’s name. As a result, not only is the surviving spouse grieving, but there are practical financial considerations we have to execute on very quickly.
In another case, my client’s daughter has been diagnosed with schizophrenia and an associated eating disorder. She is in danger, and one of the parents must be with her at all times for a few months until they can regulate everything. Both parents (my clients) work at demanding jobs, and we are struggling to figure out how to help them fund a break from work in addition to helping support them in their concern for their daughter.
These two situations developed during the last month. I also have 89 other households with issues to resolve. Perhaps, at the moment, none are as demanding and difficult as these, but they are time-consuming nonetheless. The team of advisors at our firm — there are seven of us — get called into the conference room once a month to serve up our new revenue opportunities and talk pipeline with our senior leaders. There is no recognition of the work we do and the daily demands on us; there is only the focus on what’s coming next.
I am very engaged with my work and my clients, but supporting people going through crisis can be exhausting as well. I don’t have the desire to play the game about how much time I am spending looking for new situations when I am barely keeping my head above water taking care of the clients we have. By the way, we are given bonuses based on client retention. I would do what’s needed for my clients no matter what, but it would seem if we are rewarded (and dinged) for this, it should also be a topic of conversation.
Is there a way to subtly, or not-so-subtly, let our leaders know all of what we deal with on a regular basis with clients such that they don’t think we are shirking our duties for growth? None of us are resistant to the idea that we should help the company grow, and many of us (myself included) receive a number of referrals each year. I am looking for balance.
G.N.
Dear G.N.,
This is about the world of competing priorities. The leaders of your firm are concerned with growth, because they are watching the inflows and outflows. They likely want to continue to hire, market, and expand — and know they need new clients and additional fees in order to do this. You and your colleagues are working daily to support clients, care about them, and meet their needs. It’s not that these two objectives have to be in opposition with one another, but the priorities and focus are not the same.
Because we are often asked to deliver sales training and coaching to advisors, I’m going to make a guess that your leaders believe if they don’t keep talking about growth, you will stop putting a focus on it. The impression might be that you care deeply about your clients, but not so much about growth and new clients coming into the firm. I’m not saying this is true or untrue, but it is likely what the leaders believe.
You might want to think about what I often call “internal PR”. Many times, team members make assumptions that because they are close to what’s going on and see everything happening, their leaders do too. Your leaders are focused on other things and are likely unaware of all that is happening directly with their advisors — and definitely with clients.
Consider preparing for the next conference room meeting by doing the following:
- Outlining a client example, so you can talk through what you have done for the client, how it impacted them and how this might lead (or has led) to introductions and deepening of the relationship;
- Reviewing in advance any emails or notes from clients touting your work and thanking you and the firm; and
- Developing a strategy for a focus area on growth — either coming with a template, an idea in the community to build brand, or a conversation you plan to have with a client about introductions.
The more you can be proactive, rather than reactive, and the more you can educate and inform, the less pressure you will face. I wouldn’t try sharing specifics about your client situations such as you outlined here. I honestly don’t think your leaders will care (though that does not mean they are not caring individuals in life). They can’t afford to care, because it isn’t what they are dealing with in their priorities and daily responsibilities.
Dear Bev,
When did the role of financial advisor turn into a sales role?
L.A..
Dear L.A.,
It’s a question I hear a lot, so I’ll start by defining what I believe a sales role to be:
- Listening to what someone is trying to avoid or accomplish;
- Understanding their viewpoint and caring about outcomes;
- Matching them with something you can do to help them avoid a pitfall or achieve a goal; and
- Developing a partnership to work in conjunction with a client, not in opposition to them.
Classic sales is not what advisors are asked to do. Presumably, you love your work, and feel passionate about your ability to help others and deliver a great quality experience. Why wouldn’t you want to tell everyone about it and find new people you can help?
It doesn’t mean the role of the advisor — planning, investing, educating and communicating — is any less. Those are still the primary areas of focus. You should also be inspired to talk to others about how you can do it for them!
Beverly Flaxington co-founded The Collaborative, a consulting firm devoted to business building for the financial services industry, in 1995. The firm also founded and manages the Advisors Sales Academy. The firm has won the Wealthbriefing WealthTech award for Best Training Solution for 2022, 2023, 2024, 2025 and 2026. Beverly is currently an adjunct professor at Suffolk University teaching Executive MBA students Leadership and Managing Teams. She is a Certified Professional Behavioral Analyst (CPBA) and Certified Professional Values Analyst (CPVA).
She has spent over 25 years in the investment industry and has been featured in Selling Power Magazine and quoted in hundreds of media outlets, including The Wall Street Journal, MSNBC.com, Investment News and Solutions Magazine for the FPA. She speaks frequently at investment industry conferences and is a speaker for the CFA Institute.
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