Is there a "good" way or "bad" way to fire a client?

[maxreferrals]

Some of the folks are just so tiring.... even after doing everything possible to please them... can you relate?

So what's a good way to tell them they're better off just dealing with another agent?

Thx.

 

[Bob_The_Insurance_Guy]

"Mrs. Smith, I'm afraid that we've exhausted all of the resources I have, perhaps you would be better served somewhere else. I have an associate. His/Her name is ________. Here is his/her number.

I'll forward the information we have thus far to him/her. Why don't you give them a call? I just want to make sure you get the best; whether it's from me or someone else."

 

[Norwayguy]

Some of the folks are just so tiring.... even after doing everything possible to please them... can you relate?

So what's a good way to tell them they're better off just dealing with another agent?

Thx.

Depending on why I am getting rid of them...I think you mean the people that try as much as you can and they are never satisfied or the chew up your support staffs time or just give them a hard time...In that instance I tell them that i don't think my agency is a good fit for them and that I think they should look for a new agent...One time the client asked what the problem was and changed there ways...other times....what can I say.

Now if I am suggesting a client that is too small that just takes up to much time for the revenue they generate and is not a pain in the a**..I call them and just tell them that I am re-evaluating the services we offer and do not believe that going forward we will be a good fit for them and provide a couple of other advisors I think might be a better fit...I also don't push them...I tell them to take some time to make up there minds and that I will help them move there account.

 

[Russ]

Some of the folks are just so tiring.... even after doing everything possible to please them... can you relate?

I have been fooled by a few, but I...Won't Get Fooled Again, by them....

 

[LGilmore]

"You might be better served with another agent. I'm afraid I've done the best I can for you."

It all depends on what is happening. There is no best way except in hindsight. Sometimes you wish you'd said more or were more direct or told em to f themselves. Try to be polite, if possible. If not, try to be brief.

 

[insuranceexec]

I referred a client to another advisor, and 3 weeks later the clients mother died.

The mother was worth millions, and the client was the sole beneficiary.

Can I say poor timing!

 

[Russ]

I referred a client to another advisor, and 3 weeks later the clients mother died.

The mother was worth millions, and the client was the sole beneficiary.

Can I say poor timing!

Definitely. That sucks....unless you're the other advisor.

 

[somarco]

I have had to fire a few. I simply tell them I can no longer afford to work with them and suggest they find someone else. No way I would pass them off to another agent. The only ones I trust to hand off someone are guys I like too much to give them a PITA client.

 

[Y.L. Prinzel]

When I worked for Raymond James, I was in the home office branch. This was the place where all the fired clients were sent. I can tell you that most...no wait, none of them were happy about being fired. Those that took it the worst were those that weren't told in a professional, unemotional way by the financial advisor that they were being fired.

Some of the advisors took the approach mentioned here--tell the client they are not a good fit for your agency, you've done everything you can to help them, here's another advisor who may be of more help.

Others did it in writing with a compliance approved letter that we provided to them. The letter basically said the same thing, but avoided the awkwardness of that last phone call.

If they already have a policy, you might suggest that they ask the insurance company to make it a "house" policy (although, not all insurance companies offer this). If they are simply a prospect, then it's possible to let them know if there is a company that has a product that might fit their needs but, since you aren't registered with that company, they'll need to find an agent that is (if you have any ideas you can certainly refer them to another agent but be sure to let them know you aren't responsible for any advice the other agent gives).

Hope that helps

 

[Guest]

Others did it in writing with a compliance approved letter that we provided to them. The letter basically said the same thing, but avoided the awkwardness of that last phone call.

Insurance agents are just that "agents' of the insurance company, not the p/c. As such there are certain acts an agent must perform in the carrying our of his fiduciary responsibilities towards a p/c. These acts MUST conform to the insurance company's policies and procedures, one of which is a compliance letter approved by the company. Additionally, proof of service(delivery) must accompany the letter so sending the letter certified, return receipt requested is also a good idea. If you cannot prove the date you formally informed your p/c then the p/c can sue you and through you as agent the insurance compnay in the event something goes awry.

Most companies have these compliant letters. Some places call them Letter of Release, Letter of Intent, Letter of Transfer, etc. If this is not handled correctly you could open both yourself and through your agency status the companies you represent to litigation. This of course will raise your E & O insurance through the roof.