There is a popular saying “the customer is always right” – in fact some very successful corporations base their whole business model around that concept. But those of us in the financial arena who deal with clients everyday know that the idea that the client is always right  is not necessarily true. In fact, it is often not true. Our clients come to us because they are not sure of what to do in this very complicated financial world that we live in. But, while the client is not always right, he is definitely the judge and the jury. This we must be aware of in all of our dealings. So how do we respond when we are under attack – being questioned about something we absolutely know is wrong?

Another popular saying is that “a good offense is the best defense.” But in the financial arena, again this may not be the best approach. If you take a so-called “good offense” and attempt to justify and explain your position you will likely cause your client to dig in his heels. A “good offense” will only make your client feel “not OK.” Why not try a different approach? When under attack- fall back.

How does that look? What does falling back sound like? Suppose your client challenges your idea that an annuity is a good solution for their concern of “outliving their income in retirement.” Now we know that is not correct but again- to go on the offense might force your client to dig in their heels. But, using questions- we can successfully “fall back” and give our clients the opportunity to change their mind. Here is what that might sound like:

“I imagine you have made up your mind already that a guaranteed lifetime income is not for you and that you do not want to go forward. Would that be a fair statement?

“If you were in my shoes what would you do to make this work for you?”

“Is it me, or is something bothering you about this concept?”

“Falling back” takes the wind out of the customer’s sails and makes it possible for you to have a conversation in which each side is OK. Once the emotional intensity is reduced, and nobody is under attack, you have a better chance of working towards a solution.