Wealth manager on why passion and process can give you an edge
The ability to ask the tough questions and provide a consistent service can help advisors deliver a great client experience, according to a portfolio manager.
Jennifer Black, private wealth manager at DFS Private Wealth, Mandeville Private Client Inc, said that giving clients a tangible sense of reaching their goals not only makes them more engaged and loyal but also increases the chances of them becoming an advocate for your business.
Black added that, typically, the best quality new clients come from referrals but said that involves implementing practical steps to build relationships, understanding what clients want and taking on board any suggestions they have.
She said: “Think about what it is you want to do. In today’s world where there are so many advisors, a way to differentiate yourself is to be very passionate about what you do. So you have to decide what it is you like to do and want to do on a day-to-day basis with your clients.
“If that’s focusing more on the client engagement side and having a process, and if that’s the passion behind it, then great. Or if it’s a technical aspect and you really enjoy getting deep into the estate planning or whatever it is, find that piece that you want to excel at and figure out how to improve it.”
Black said her practice has put a lot of thought and effort into creating a process where clients know they are going to accomplish something that takes them a step close to their goals. Recording that evidence, she said, also helps them come to the meeting with an open perspective and willingness to work on it.
However, Black added that it’s important the process is not a “cookie cutter” and reflects each client’s needs.
She said: “It’s important to have the process but it’s also important to individualize it as well. You want something that can be efficient in preparing for a meeting and have everything you need to support that meeting.
“But at that same point you want to be able to show how you are working with a client individually. So, it’s not cookie cutter; it’s all based on what is important to them and their family and what they want to accomplish. You have to find that balance between the two.”
Jennifer Black will lead the upcoming WP eLearning session Client Engagement Strategies for Wealth Professionals.
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How active approach and personal touch can win over clients
