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FA Center: When a person you give financial advice to ‘lifts you up and shoves you against a wall’

Joe Heider
Joe Heider

Demanding clients can push advisers to do better. Joe Heider’s client pushed him against a wall.

A financial planner in Cleveland, Ohio, Heider befriended a tech entrepreneur in 1990. Let’s call him Dave (not his real name). Over the next decade, Heider offered Dave informal financial advice on occasion.

“At first, he had no real money to invest,” Heider recalled. But that changed as Dave’s company grew.

By 2000, Dave became Heider’s client. Soon after, their friendship took a nose dive.

For years, Heider had noticed that his pal enjoyed alcohol and gambling. But he never seemed like an addict.

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