By Mark Barnicutt on August 1, 2009
Given this view, what is it then, that creates differentiation and a unique client investment experience? Although there are many elements that go into the successful “client experience” – quality service & support, solid investment solutions, timely reporting & communications – we believe that a core element of a differentiated client experience for Advisors is all about meeting client needs. The following quote, which is targeted toward High Net Worth Investors but equally applicable across all spectrums of private wealth, summarizes our beliefs:
“As wealth management firms increasingly compete for the same High Net Worth investors, and the clients themselves become more demanding, the pressure is on firms to understand the essence of client needs in existing and growth markets, even if they have already developed an accurate read on High Net Worth Investors in their established markets. Without this insight, firms will find it difficult to develop a distinguishing proposition.”
World Wealth Report 2008, Capgemini/Merrill Lynch
In our experience, too many Advisors spend far too much time trying to convince clients to invest with them based upon the performance merits of their firm’s investment solutions instead of focusing upon what really matters — How do they construct tailored portfolio solutions for their clients that help them satisfy their various investment needs?
Given this perspective, we have written an article on this approach in order to provide a review of a set of practices and disciplines that we’ve used for years with our own clients as well as working with successful Advisors. It’s called the “Portfolio Approach”.
1 Dan Hallett & Associates Inc. November 2008.
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