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> > Building Better Client Relationships
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There are many reasons why one client relationship is successful
and another one is not. On the other hand, successful client relationships
often share a number of similar qualities.
1. The client gets what is expected.
Clients always have some idea of what they want from a financial advisor and
while you can help align that idea with their needs, you must satisfy their
expectations for the relationship to last.
2. The client understands and is pleased with the various aspects of the
engagement.
Clients should understand the work you are doing on their behalf, the benefit
they may realize and that you are always working with their best interests in
mind.
3. The client accepts and implements advice.
Clients, who resist taking advice, or even those who do so reluctantly, are
signaling that you are giving them something other than what they expected or
that they do not understand your recommendations.
4. The relationship is profitable and beneficial for both advisor and client.
Successful relationships often boil down to both parties enjoying the work, the
problem solving and the results that stem from a partnership where everyone’s
expectations and goals are addressed.
Working with your client to build an effective, professional Investment Policy
Statement often helps with all of the important ingredients above. Your use of
an IPS establishes a codified place where an advisor can clearly state a
client’s goals and expectations, and provide the type of consistency in
process, recommendations and decision-making which encourages clients to have
confidence in and accept the advisor’s actions.
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