Podcast #52: Why do clients decide to fire their adviser? With Morningstar’s Samantha Lamas and Danielle Labotka

by | Aug 9, 2023

In our latest IFA Talk podcast, we are delving into the world of behavioural finance – to explore some of the reasons which lie behind clients’ decisions to part company with their financial adviser.

Client acquisition can be a long, time-consuming and often arduous process. Therefore, to experience a client deciding to walk away from the relationship after a number of years can be costly as well as extremely disappointing – on top of the lost business there can be dire consequences for referrals too. 

How can you retain your clients?  

Sue and Brandon were delighted to welcome two guests from Morningstar who have particular expertise in the subject. Samantha Lamas, Senior Behavioural researcher and Danielle Labotka, Behavioural Scientist are both based over in the USA. They recently conducted some very interesting research to find out the motivations behind investors’ decisions to fire their professional advisers.   

Their research findings suggest a few common motivations however, they are multifaceted as this podcast makes clear.  

During the conversation, Samantha and Danielle share some of the golden nuggets from their research which reveal why people have decided to fire their investment adviser. They provide invaluable insight for IFA Magazine readers for whom client retention is so important. This is a conversation which offers practical ideas on how you can prevent such situations happening to you and also how you can position your client service so as to minimize the chances of it. 

Listen to the conversation here…

Click here to listen on Spotify

Click here to listen on Apple Podcasts

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