Be client-centered
Investors are not content with product recommendations...They want to know that they have someone on their side who is continually seeking to understand them better in order to address their changing financial challenges more effectively. -John J. Bowen Jr., founder and CEO of CEG Worldwide
Investors are not content with product recommendations, no matter how thoughtful those recommendations may be. They want to know that they have someone on their side who is continually seeking to understand them better in order to address their changing financial challenges more effectively. What they want, in short, are client-centered advisers.These advisers make client relationships their top priority. Client-centered advisers stand in contrast to investment-centered advisers, who tend to be more technically oriented and focused on developing investment strategies, structuring portfolios, analyzing risk and ensuring that they have the best investment program for clients. Research by CEG Worldwide shows that when clients have regular and meaningful interaction with their advisers, those clients are much more inclined both to give their advisers more assets to manage and to provide referrals. In one 6-month study, client-centered advisors obtained an average of 6.8 new clients (compared to just 1.3 for the investment-centered advisers) and had an average of 7.3 existing clients provide them with additional assets to manage (compared to only 0.8 for the investment-centered advisers). In all, client-centric advisers gathered nearly $2.3 million in additional assets, while their investment-centered peers brought in only an additional $76,700.
-John J. Bowen Jr., founder and CEO of CEG Worldwide, a global training, research and consulting firm in Up Close and Personal
Investors are not content with product recommendations, no matter how thoughtful those recommendations may be. They want to know that they have someone on their side who is continually seeking to understand them better in order to address their changing financial challenges more effectively. What they want, in short, are client-centered advisers.These advisers make client relationships their top priority. Client-centered advisers stand in contrast to investment-centered advisers, who tend to be more technically oriented and focused on developing investment strategies, structuring portfolios, analyzing risk and ensuring that they have the best investment program for clients. Research by CEG Worldwide shows that when clients have regular and meaningful interaction with their advisers, those clients are much more inclined both to give their advisers more assets to manage and to provide referrals. In one 6-month study, client-centered advisors obtained an average of 6.8 new clients (compared to just 1.3 for the investment-centered advisers) and had an average of 7.3 existing clients provide them with additional assets to manage (compared to only 0.8 for the investment-centered advisers). In all, client-centric advisers gathered nearly $2.3 million in additional assets, while their investment-centered peers brought in only an additional $76,700.
-John J. Bowen Jr., founder and CEO of CEG Worldwide, a global training, research and consulting firm in Up Close and Personal
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