‘This is what I believe and what I stand for.’ Should financial advisers fire clients for spouting offensive political views?
Given the politically toxic discourse running through the U.S. nowadays, almost any relationship is at risk — including interactions between financial advisers and their clients.
You’d think that clients with extreme political views would keep such opinions to themselves. But some share these opinions with their adviser, and often that doesn’t go over well. Or is it? The Colorado adviser said he’s tempted to send a mass email to clients demanding that they stop talking politics with him. But his spouse and staff think he should let it go and not punch back.
Another option would be to draw a line in the sand and fire such clients. After all, a fiduciary’s role does not include indulging a client’s conspiracy theories. “If it’s negatively impacting you, your team or your other clients, then you have to address it,” Cain said. “You always want to do that respectfully.”
“One question is whether the client is a little annoyance or really affects someone on your team,” Cain said. “Sometimes, the client might be saying things that are hurtful. Standing up for your team can be a morale-builder.”
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