Don't Imply "You Owe Me"
"You owe me" breeds resentment and contempt for the adviser once the client becomes aware of what the underlying message means. --Michael B. Horwitz, Ph.D., CFP
Come-On: Adviser alludes to a past recommendation that worked out well for the client in the context of a new recommendation of questionable merit. "Remember how we got you out of that IPO before it bombed? This new closed-end mutual fund my firm is offering will permit you to participate in the growth of that sector without the risk of owning one or two stocks." For a client, the implicit message is, "You owe me a favor for all I've done for you."
Put-Off: "This recommendation wouldn't pass a merit test, so I'm just going to coerce you subtly into going along with me." In fact, "You owe me" breeds resentment and contempt for the adviser once the client becomes aware of what the underlying message means. Assuming the client retains the adviser, the relationship may be poisoned by a swelling chorus of "You owe me's" perpetuated by both parties.
Because come-ons can readily turn into put-offs, financial advisers should try to present themselves in ways that facilitate mutual respect instead. The best face advisers can present to clients usually combines a genuine, natural approach with sensitivity to how their clients are feeling and relating.
-Michael B. Horwitz, Ph.D., CFP, owns Life Strategies Financial Planning, in Put-Offs and Come-Ons
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