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Client Relationships: Performance or Personalized?

A personalized client relationship can make the difference in retaining clients over the long term.

August 22, 2016

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Client Relationships: Performance or Personalized?

When the financial markets become volatile, which is confusing and upsetting to clients, the blame game begins.  Financial advisors who have established and maintained a relationship with clients that is based on “performance” will often suffer the unintended consequence of losing clients.  When the relationship is based primarily on performance, the advisor becomes a commodity.  The client might move on to the proverbial greener pasture, induced by the intoxicating attraction of higher yields or lower costs.

A “personalized” relationship, where there is frequent meaningful contact and trust, creates a “stickier” professional environment that is not as impacted by the ups and downs of the market.  Clients resist change in a relationship when they feel the personal touch, knowing their advisor understands their situation and is making recommendations that are thoughtful and in their best interests.