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Use Positive Reinforcement with the Overspending Client

07:30AM May 04, 2008 in category Tip of the Day by AdvisorMax

Avoid phrases like "you're spending too much" and instead praise clients for what they have accomplished, and then push them to save more. --Robert Pagliarini


Planners are sharply divided on whether it's better to be brutally honest or upbeat during the conversation about a client's overspending. Robert Pagliarini, executive vice president at Allied Consulting Group in Los Angeles prefers the latter approach, arguing that clients won't swallow their financial medicine unless it's sugar-coated. "If you are cold or harsh or overly analytical, it will backfire: the client will reject you and your ideas," he says. So he tries to avoid phrases like "you're spending too much" and instead will praise clients for what they have accomplished, and then push them to save more. "Positive reinforcement works," he insists.

- Robert Pagliarini, executive vice president at Allied Consulting Group in Confronting the Overspending Client


 


 

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