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The power of apology

February 5, 2014 by Tom

In a recent article in the Journal of Financial Planning, Roy Ballentine and James Grubman, Ph.D., evaluate the best methods and paths for financial planners to follow when a mistake is made.  Unsurprisingly, they note it is essential to be proactive, ethical and empathic, and to be honest, listen and communicate.  The method they suggest promises to help advisors:

  • repair the mistake and any breach it may cause in the client relationship
  • improve your chances of retaining the client relationship
  • create an opportunity to strengthen the client relationship
  • minimize the risk of a mistake escalating into a much more serious problem later
  • teach and reinforce the highest level of values, attitudes, and behaviors within your firm
  • strengthen your relationship with the staff member who made the mistake, assuming you wish to retain the services of that employee
  • prevent future mistakes
MWR

OUR OFFICE:
Dymond • Reagor, PLLC
The Edward Building, Suite 1040
8400 E. Prentice Avenue
Greenwood Village, CO 80111

303.793.3400
mail@drc-law.com

HOW TO GET TO OUR OFFICE:

From the South: Follow I-25 North past C470 to exit 199 for Belleview East, following off the exit to the right. At the third light (Ulster), turn right. Ulster turns into Prentice, and the Edward Building is on the right, which is the southwest corner.

From the North: Follow I-25 South to exit 199 for Belleview east. Turn left at the bottom of the exit onto Belleview. At the third light (Ulster) turn right. Ulster turns into Prentice, and the Edward Building is on the right, which is the southwest corner.