Becoming a client-centered advisor is all about putting your focus squarely on building client relationships. Cultivating relationships is a complex process, so it's helpful to break it down into three parts:
1. Know what your clients truly want. Every decision you make-which processes to use, which services to offer and which institutional financial partners to ally with-must be informed by what is important to your clients.
2. Emphasize communication. An emphasis on communication must pervade every aspect of your practice, shaping everything from interpersonal relationships to the kinds of technology you use. Clients want both frequent communication-the more the better-and quality communication-warmth, patience, good listening skills and attention to their individual needs.
3. Take client-centered actions. You must be proactive and intentionally incorporate specific client-centered practices into your firm. Industry research into the best practices of the most successful client-centered advisors shows that these actions break out into seven specific categories:
Interpersonal contact. Actions that make clients feel valued-as if they were your most important client.
Access. Actions that ensure that each client has the level of access and communication with you and your firm that they desire.
Timeliness of contact. Actions that show each client that you are extremely responsive to changes in their personal lives, as well as to events in the outside world that affect their portfolios.
Customization. Actions that identify and provide for each client's personal preferences.
Client appreciation. Actions that express to your clients your appreciation and gratitude, not just for their business, but for their relationships.
Responsiveness and feedback. Actions that guarantee that you will continually monitor and improve the client experience to ensure optimum satisfaction.