The most critical aspect of advising is having advisor-client relationships that are built on trust. This involves more than portfolio performance and timely responses to service requests. You can differentiate yourself by deeply understanding your clients, responding to what they tell you they want, and going beyond by educating them about what they may need. Consider these five active ingredients for relationships based on trust.
WHAT CAN YOU DO: Remain insightful, calm and engaged with your clients and you’ll become a significant character in their lives.
WHY IT MATTERS: If you miss important life events or ignore things that can affect them, clients will learn that you aren’t trustworthy.
WHAT CAN YOU DO: Let clients experience your skill and engagement.
WHY IT MATTERS: Positive experiences show you fulfill your promises and set you apart from others who don’t deliver.
WHAT CAN YOU DO: Focus on the two questions clients wonder about their advisors: “Do I matter to you?” and “Do you get me?”
WHY IT MATTERS: Working relationships require evidence of caring. Clients want advisors who understand them deeply.
4. Professional Competency
WHAT CAN YOU DO: Emphasize more than just portfolio performance, which subjects relationships to forces beyond your control.
WHY IT MATTERS: Addressing clients’ needs across a wide range of investment and wealth-management issues confirms consistent value.
WHAT CAN YOU DO: Give your relationships time to develop. Long-term clients are more trusting than new clients.
WHY IT MATTERS: Delivering experiences of goodwill and competently executing interactions accelerates the trust-building process and fosters lasting relationships.