Why I Will Never Refer Pareto Systems

A true confessional from one of our clients…

never-refer-pareto-systemsThis is an actual excerpt from an email I recently received from a client. Just like the title of this article states; it is an explanation as to why he is unwilling to introduce me or Pareto Systems to another Financial Advisor.  I thought it was worth sharing.

I have worked with this client, and his team, for several years and they are terrific implementers. He has always been extraordinarily thoughtful about expressing his gratitude for my coaching work with him and his team. With all that being said, you would think that I have received numerous referrals from him over the years, right? Nope just one; and that was just before the holidays.

Anyway, as you can imagine, I would never dream of asking someone why they don’t send me more introductions (can you imagine?); however, without me asking him for any explanation about the matter, he sent me this email explaining that very thing.

The email made me feel like the lonely Maytag repairman, who is cursed with a lack of business because of the quality of his Maytag products.  Still, I loved what he wrote, and I am grateful he took the time to write it.

Here it is:

Terry, first of all, thanks. You definitely have me living my dream.

I see great value in what you have taught us over the last few years. My clients perceive our service matrix as special, uncommon, rare. It’s actually wonderful to see the banks teach their new advisors incorrectly as it just makes us stand out even more as advisors and they as product salesmen. The more they don’t get it, the better we look (relatively). In fact, if they get worse and we stay the same then relatively we just got better, no?

I realize that we have sent you only one introduction, and I have put a lot of thought into why that is. I hope that my thinking is a systemic look into the mind of an average advisor. So here goes:

Simply being courteous, punctual and helpful… doing what you say you’re going to do, being reliable (all common sense stuff) suddenly becomes gold. As others are too busy on their emails and blackberries, we send a gift-basket with a hand written heartfelt note. We even call to see if their dog is still sick.

I don’t want to wake my competition up to the fact that less is more, I want them to continue to send out weekly mass emails and junk mail and mispronounce their clients’ names as they drone on about the “What” and “How”.

Is that wrong of me to think this way? I believe very few advisors care about looking good to another advisor. We certainly don’t want them to offer better service.

Help me figure out the flaw in the logic. Why should an advisor like me want to help a competing advisor up their game by introducing them to Pareto Systems?”

There it is: Why I will never refer Pareto Systems.

It’s hard to disagree with his logic. If I was a Financial Professional, I don’t know if I would share Pareto Systems either.

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