"Clients are always right."
I wish.
Sometimes, it pays to send them packing. It's a question of when to do it and how. "You're fired," may work on reality television, but it's a bad choice of language for wealth managers. Word gets around if you play the jerk.
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The New York Times describes my novels as “money porn,” “a red-hot franchise,” and “glittery thrillers about fiscal malfeasance.” Through fiction I explore the dark side of money and the motivations of those who have it, want more, and will steamroll anybody who gets in their way.
I’m not a wealth manager, but I am in the financial realm as an accountant. My first boss, and mentor, gave me some great advice on how to get rid of unwanted clients.
He said, “Never tell them you won’t do work for them, because they’ll spread the word that you’re lazy or incompetent. Instead, make your cost estimate so high that they’ll leave on their own. That way all they can spread is that you do good work but you are high priced”. He also added that if they decide to stay anyway, then atleast you will be well paid for the headache.
Very nice, Nathan! Raising prices is always a good solution in these instances.