Portfolio manager explains risks of not forging a professional relationship
A failure to engage with clients will ultimately cost advisors business, according to a leading portfolio manager.
Jennifer Black, Private Wealth Manager/Portfolio Manager, DFS Private Wealth, reflected on the importance of getting to know the individual in depth so the client feels that their needs are being addressed on a consistent basis.
Black said that including them in the process will not only strengthen the professional bond between you but also boost your own reputation within the industry.
She said: “It’s really about taking the time to get to know the client, understand the other factors that influence their behaviour and their decision-making, and then having additional discussions with the client to come up with solutions.
“So it’s not always about showing up at a meeting with the solutions but about having a discussion with the client to really come up with the solution that will work for them. Working through it with the client is the pure essence of client engagement; getting to know them really well and then making sure they continue to be part of the process when it comes to coming up with solutions.”
Having an effective client engagement strategy also helps advisors promote the clarity and value they bring to the table.
She said: “I think with the changes that are coming in the industry, clients are becoming more aware of all the different pieces that sit together as far as their planning.
“It’s not just investments that are important but there so many other things. It’s important to be able to engage with clients so one, advisors can portray their value to clients and hold on to them longer and two, so they can really get an understanding of what the clients need.
“The ultimate risk is losing the client and then the other is real reputational risk, and the client not doing something they should have done or the advisor not really spending the time [required].”
Jennifer Black will lead the upcoming WP eLearning session Client Engagement Strategies for Wealth Professionals.