Quora Answer: As a Financial Advisor, What is the Most Frequently Heard Client Complaint about Their Investments?

The following is my answer to a Quora question: “As a financial advisor, what is the most frequent complaint you have heard from one client, complaining about their investments?”

I am very particular about my clients, and I weed out the problematic ones.  As such, I have no problems with those who are my current clients.  In almost two decades, however, I have heard my share of unjustified whining.

I once had someone call me at 0800h in the morning, about some voucher he did not receive.  He was rude, demanding, and entitled.  The thing is, I was not his servicing agent, I had never sold this idiot a single policy, and we had only met once at a roadshow.  I was not even part of that roadshow.  I happened to be in the area, and spoke to people I knew there, and he got my card.  Unfortunately for him, I have a low tolerance for fools.  I scolded him.  He said he wanted to complain, and I told him to go ahead.  He did complain.  But since I am well within my rights to put rude people in their place, nothing happened.  He wasted 10 minutes of my time, because I was on the phone with customer service because of this frivolous complaint.

Whoever came up with the adage, “The customer is always right”, is an idiot.  No one is always right.  And when it comes to finance, the customer is almost always wrong, and that is why they need a good financial advisor.  The client has needs, and it is our job to address those needs as best suits the client interest and ability.  Left by themselves, most people would lose their savings in pursuing all manner of get rich quick schemes, in scams that promise huge returns, or follow their friend into putting money in the next “big” thing.