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Handle client complaints with care

Angry Client

Regulatory/Compliance

What can you do to keep a client complaint from snowballing into a formal dispute? Several securities lawyers interviewed by Financial Planning offer their advice, which includes: keep an eye out for problem clients, document your communications, get a supervisor involved early, and hire your own outside counsel. Read the full story below. Also, a recent report by Cerulli Associates finds that a growing percentage of retail client assets are being held in fiduciary accounts, AdvisorHub reports. The percentage of money held in advisory accounts hit 42% at the end of 2016, up from 25% in 2005. However, Cerulli notes that the downside has been “a reduction in advisors’ motivation to add new clients to their practice.” See the full story below.

Client complaints: ‘I’ve seen things get bad’

By James Thorne

Source: Financial Planning

Client complaints happen. As an advisor, receiving one is never pleasant but poor handling can turn a sticky situation into a bad one. While circumstances vary, there are a few mistakes that advisors routinely make, whether dealing with a potentially problematic client or faced with an active grievance. For the best outcome, securities lawyers offer advice on navigating disputes as well as common pitfalls to avoid.

https://www.financial-planning.com/news/financial-advisors-arbitration-claims-dispute-resolution

Fiduciary Standard Governs More Than 40% of Retail Assets: Cerulli

by AdvisorHub Staff

Source: AdvisorHub

The percentage of client money being held in advisory accounts among traditional financial advisors had risen to 42% at the end of 2016 from 25% 12 years earlier, but brokers as a consequence have grown lazier about building new business, according to a new report.

https://advisorhub.com/fiduciary-standard-governs-40-retail-assets-cerulli/