Are your couple clients at risk of leaving your Financial Advisory Firm

Are Your Couple Clients at Risk of Leaving Your Financial Advisory Firm?

Statistics shows that 70% of couple clients are at risk of leaving their Financial Advisor if one of the spouses divorces or dies. What is driving this high statistic is that a Financial Advisor typically connects with one spouse more naturally than the other. The other spouse doesn’t feel they have been heard in the meetings or engaged in a process of building the annual plan.

As an Advisor, ask yourself the questions below to see if you are at risk of losing a client:

1. Are your communications actively addressing each person’s communication style or do you tend to focus on just one person?

2. Do you understand the different needs of each person to make decisions and seek agreement from both individuals when there is a key decision to be made?

3. Do you ask both partners how they feel or think about the meeting and how you can structure future meetings in a manner that is more effective? OR, if they want to focus more on the financial plan.

4. Do you understand the different behavioral biases and risk tolerance of each individual that would affect how you construct a portfolio?

DNA Behavior provides Financial and Communication DNA solutions to help Advisors understand clients’ behavioral biases and retain clients by learning how to apply this understanding when interacting with clients and managing their portfolios.

Financial DNA helps Advisors increase confidence that they can engage their couple clients on their terms with objective data. This important data can ensure the Advisor is framing questions to ensure financial compatibility and improve financially and life decisions.

For more examples of how Financial DNA is being used, click here.

Are Your Couple Clients at Risk of Leaving Your Financial Advisory Firm 2

Leon Morales

Leon Morales

Chief Relationship Accelerator

Human Behavior Advisor, Human Capital Management, Customer Experience Specialist

Leon Morales is a builder of successful people driven organizations. With a deep conviction that organizational success is only achieved when leadership really understands each employee, Leon is certified in the DNA Behavior. Method and Birkman Method of personality assessment and has crafted his professional career around high-impact consultative roles. These include serving as Business Development Principal and Leadership Practice Principal for Innovar Collective, LLC and in various corporate leadership roles during his 17-year tenure with Cox Communications.

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