No two financial advisors are alike as each develops their own unique approach to helping clients.
But, when speaking with advisors, one commonality often arises: the joy they experience when helping others.
While there may be a
few bad apples out there, the majority of advisors will go to
great lengths to help their clients succeed.
Advisors and clients can forge strong bonds, often referring to each other as friends and even family.
The relationship is one built on mutual trust and respect. But no relationship is perfect. And if it sours, as much as it might hurt or anger the people involved, sometimes the best thing to do for everyone is to end it.
A quick Google search will produce a number of stories on how and why clients should terminate their relationship with an advisor. Often the advisor is faulted for a lack of knowledge or experience, being too aggressive, hard to reach, or a poor communicator.
But what about when the situation is reversed? Terminating an advisor/client relationship isn’t solely at the discretion of the latter. Plenty of advisors have hit their breaking point and ended things on their own.
“The willingness to terminate a relationship is usually in the best interest of the client, the firm and most importantly the existing clients,” says advisor Richard Colarossi of Colarossi & Williams in Islandia, New York. “I need to spend time with clients that subscribe to the way I do business and have productive relationships with, not battling with issues I cannot address.”
Scroll through to read why some advisors had enough and called it quits on some of their clients.