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An Advisor Shares: Tough Conversations with Clients in Crisis

Dec 7, 2020

Eric Brotman opens the show speaking about how he helps clients through a crisis as a financial advisor. As a financial advisor, Eric needs to be alerted when a family crisis occurs. However, Eric understands that he is not a therapist, and he doesn’t cross that fine line. When conflict occurs, a financial advisor may be one of the first people that get a call and an advisor needs to be ready to have tough conversations. Tune in as Eric speaks about overspending, showing tough love to clients, and navigating cognitive impairment.

In This Episode:

  • [01:20] How Eric will help a client through a crisis as a financial advisor.  
  • [09:45] The ways Eric will navigate chaotic decision-making in a family situation. 
  • [11:25] Eric’s approach to overspending.  
  • [14:10] Talking finances with someone who is struggling with substance use or mental illness.
  • [20:20] How Eric will navigate relationships with clients that simply aren’t working. 
  • [23:55] Something to consider. 

Key Takeaways:

  • Financial advisors are on the short-list of people to call when a family crisis occurs; be ready for those conversations. 
  • Anytime a financial advisor is second-guessing himself, it usually has to do with risk management and insurance decisions. 
  • There is a delicate balance between equitable distribution and an equal one.
  • Prepare your clients for cognitive impairment, starting many years in advance.

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