What Is Buyer’s Remorse and How to Overcome It in 3 Easy Steps
Buyer’s remorse is defined as ‘a feeling of regret experienced after making a purchase – typically one regarded as unnecessary or extravagant’ (Oxford Dictionary).
Most of us have experienced this type of feeling at some point – maybe after buying a pair of expensive shoes that with hindsight we considered an unworthwhile purchase.
But buyer’s remorse doesn’t just apply to shopping – it’s possible your clients might feel similarly disenchanted about their decision to hire you.
Make sure your clients don’t experience post-hiring disappointment by doing the following three things.
#1. Never take your clients for granted
Once someone has done you the compliment of hiring you, it’s essential you respect their decision by providing them with a truly personalized service.
Your job isn’t just about hitting performance targets – it’s as much about making your clients feel they matter to you personally. Communication is key when it comes to providing a personalized service. So, make it a priority to keep in touch with clients. Phone them regularly to find out how they are and to see if there’s anything they need from you. An unsolicited call can go a long way to proving you care – and clients will be less inclined to feel they made a wrong decision when they hired you.
And when clients call you, make sure to return their calls promptly – otherwise they will feel you aren’t giving them the consideration they are due.
#2. Ensure clients understand the nature of volatility
Clients could begin to regret hiring you when the markets take a dive and their investment loses momentum. Make sure this doesn’t happen by getting the message across early in your relationship that market volatility is a normal and expected aspect of the investment process. Use analogies and stories to communicate market volatility.
Tell them the story about the couple driving upstate to visit friends. When they got stuck in construction halfway through their journey, it didn’t cross their mind to turn back. They waited until they were on the other side of the disruption, then continued with their journey.
They had a goal i.e. to see their friends, and they didn’t let a small setback stop them from continuing their journey. In just the same way the stock market will inevitably rise and fall over the coming years, disrupting the investment journey, but over the long-term markets will maintain their momentum. Given this, it always pays to stick to the plan.
And don’t run for cover when markets start to tumble. Be the first to get on the phone to reassure clients and reinforce what you communicated earlier; that the Stock Market is the safest place for their money; that their goals haven’t changed; and that you are always looking out for them.
Be on hand to provide guidance and leadership and clients will be fortified in their belief that they made the right decision when they chose you as their financial advisor.
#3. Always be transparent with your clients
We all get things wrong from time to time but so long as you put your hand up when you make a mistake, clients will forgive you.
If you try to hide problems, clients will start to see you as an untrustworthy person. And if they suspect rather than trust you, they will most certainly start to regret having hired you.
In fact, admitting you’re in error and apologizing could even help you build trust with a client. Research suggests that a meaningful apology can increase trust and inspire loyalty in both personal and professional relationships (above even monetary recompense). Your clients would rather see you as the ‘real deal’ than someone who pretends to be perfect, and they’re far more likely to feel satisfied they chose you as their advisor.
To offset any sense of buyer’s remorse in your clients, never waver from providing a 5-star personalized service. Make sure clients are fully onboard with the nature of investing to prevent them from having doubts about the safety of their funds – and be honest. If you cover these bases, your clients are unlikely to have any regrets about hiring you to take care of their finances.
Watch this 2-minute video to learn how Don Connelly 24/7 can help you build and maintain strong relationships with clients so they never experience buyer’s remorse after hiring you.
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