It’s not me, it’s you: clients leave insensitive advisors

BY The Canadian Press | November 3, 2016

When Deborah Ison decided to break up with her financial advisor last year, investment performance had nothing do with her decision.

The 45-year-old human resources project manager from Burlington, Ont., was in the midst of a divorce and went to her advisor with pressing questions about her financial obligations. But rather than addressing her concerns, she says, he quizzed her on investment risk tolerance and retirement goals.

It was then and there that Ison decided to make a switch.

“I had walked into this office pretty much a broken person. My entire future had done a 180. I didn’t know how I was going to pay my mortgage or my bills or my debts,” she says.

“The furthest thing from my mind was my retirement. It seemed like an obtuse and insensitive question for him to be asking me.”

Rona Birenbaum, a fee-only financial planner with Toronto-based Caring for Clients, says experiences like Ison’s are often the catalyst for calling it quits with an advisor.

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“There’s two things I always hear: ‘I feel like I’m always being sold to,’ or ‘I feel like I’m being talked at or talked over.’ And so it’s a relationship matter,” she says.

“Occasionally I hear, ‘I’m not happy with performance,’ but that’s rarely if ever first on the list.”

Notably, Birenbaum adds, clients’ expectations have changed over the last 10 years.

“Whereas investors once looked to their advisor for pure investment advice, they’re now demanding more,” she says — whether that’s tax efficiency, debt payment tips, choosing to invest with RRSPs or TFSAs, or questions about what type of lifestyle they can afford right now.

“So they’re less focused on the product selection and the product choice as they are around the whole money management and lifestyle planning matters.”