When clients are shopping around for their first advisor they may do a quick Google search, ask for recommendations from their friends and then begin a round of consultations to see which advisor is the best fit. They may ask questions and query fees but ultimately the decision could be out of your hands and be more about “the feeling” a client gets from an advisor.
Speaking to the Globe and Mail, Greg Pollock, president and CEO of Advocis, said clients should feel they have a good relationship with their advisors, and that they understand their goals and needs.
“If it doesn’t feel right, you should probably just walk away.”
So while advisors may be working away to impress their clients, or perhaps believe a good recommendation is what counts, it could just be all about the initial spark. Like dating, while there’s no harm in making sure you pay attention to what your clients’ are saying and offering insight into how they can achieve their goals, it could be that those initial moments of meeting the person that determine your advisor-investor fate.
However, that doesn’t mean that other factors are not important too. Pollock also reiterated the importance of advisor credentials.
Still, there’s no getting away from that intangible goodwill a client has for an advisor.
Laurie Bonten, an advisor with Bonten Wealth Management and a member of the National Bank Financial Wealth Management team, said caring is key when it comes to being a good advisor.
“I think a good advisor is one that cares. You need to care about the client’s goals and their feelings about the markets. With markets so volatile, the most important thing for me is a client’s comfort level with their investments.”