Everyone problems with providing bad news to clients–and financial advisors have had to deliver a lot of bad information over the past couple years. That’s why I felt thrilled when I found out that Kathleen Burns Kingsbury, the writer of this guest post, can help advisors control difficult communications with clients. Delivering bad news to your clients is challenging.
It often stirs up uncomfortable emotions–for clients and for you. Learning how to deliver troubling news effectively in discussion and on paper newsletters is the main element to preserving good interactions with your clients in good times and bad. 1. Sandwich the bad news. Use the following analogy to help you. Think about the bad news as the meats in a sandwich that’s surrounded by two bits of bread plus some dressing to make it flavor better.
Start the discussion with thoughts or factual statements about what is working in the markets, your company or the client’s profile. Share the bad news or the meats of the problem Then. Last, end the dialogue on the positive note. Clients are human being. We all find difficult news more palatable when encircled by the right, delicious information. 2. Be immediate. Advisors and wealth managers have a tendency to speak too much when sharing bad news with clients. This is often because being the messenger makes you feel uncomfortable emotions, such as anxiety, worry, or fear. Talking more can help you are feeling better, but it confuses the client.
So combat the urge to…