When it comes to financial planning, if you don’t think some clients are suitable, you should feel able to say no to additional business.
Recently, highly respected financial adviser Kate McCallum was quoted as saying she and her business partner didn’t want any more clients. They were happy with the number they had and had decided that was their optimal size. And they were happy to say no to prospective clients when things weren’t perfectly aligned.
I thought it was a great sentiment and one that seemed to resonate with our members when I shared it on the Stella LinkedIn page
With that in mind, I’d like to reiterate the sentiment here for dealing with saying no more widely in the workplace.
Women in the workplace, as well as in life generally, are often afraid of the consequences of saying no. People will like you less if you say no, you will stop others helping you or you won’t be regarded well in the workplace.
None of these are proven to be true.
Understanding the value of what you do and making sure you keep doing it to your best ability will sometimes make it easier to say no.
Sometimes, it’s about work-life balance. Other times, it’s just about doing the best job you can and managing the resources you have, of which time is usually the scarcest.
It’s not about taking the no as a negative that may be offending someone. You need to reposition it and realise it’s just a statement of fact. Can you pick up this extra project to do? Sometimes the answer is just no. Can you deal with the printer on this project? No. Can you manage this extra member of staff? No.
Often the person who is asking doesn’t realise the imposition they are proposing to you and all you have to do is alert them to it. Best to not complicate your answer – a simple no usually suffices and if you are questioned further, fill in the detail.
When it comes to financial planning, when you meet clients for the first time, you are interviewing them as they are interviewing you for suitability. If you don’t think they are suitable, you should feel able to say no to additional business. It is better for both of you in the long run.
Award-winning financial planner Claire Mackay recently said there were three things she looked for in the first meeting with the client:
1. Can we provide the services they need/want?
2. Can we add more value than the fees we will charge them?
3. Will we enjoy working together?
“We encourage clients to make sure they feel comfortable with their own answers to the same questions,” Ms Mackay said.
“We’ve put a lot of time and effort into honing them to ensure we build a business with the right type of client.”
It’s a great exercise and can feel a bit scary when you’re asking clients to potentially say no to you, but ultimately, if you believe in what you’re selling, you need to trust that you’ll receive the right answers.
Julia Newbould, Stella Network Leader, BT Financial Group
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 15 Aug 2018AFA reveals Female Excellence in Advice finalistsBy Reporter
- 15 Aug 2018CFS ‘retained’ adviser commissions: RCBy Killian Plastow and Tim Stewart
- 15 Aug 2018Suncorp urged advisers to maintain commissionsBy Jessica Yun
- 15 Aug 2018Hostplus spent $260,000 on tennis ticketsBy Tim Stewart
- 14 Aug 2018RC challenges NAB on ASIC interactionsBy Killian Plastow
- 14 Aug 2018Judgement issued in DomaCom SMSF appealBy Miranda Brownlee
- view all