WHOS-IN-CHARGE-OF-MINDING-T

Who’s in Charge of Minding the Client?

Mind the Client Relationships

Advisors are expanding their practice and planning for their own eventual retirement.? The consensus is generally that younger team members can bring new skills to any practice. Theyre good with social media and they can, it is assumed, relate to younger clients and prospects.

In a recent webinar, the main presenter made an intriguing observation that millennials have spent so much time on social media that many have not developed the finer skills that advisors need to succeed?the ability to communicate face-to-face with a client or prospect.

In other words, the essential people skills.

Based on this observation, it would seem that the youngest advisors excel at social media, while the older ones are good at the more technical aspects of the job, thereby leaving few who are truly at their best with client management. ?However, the topic is not that black and white.

What really needs to happen is that advisors, young or old, must know themselves at a deeper level to uncover their natural strengths.? If an advisor is a people person with less affinity for details and research, then this advisor will be at their best with client management.

Perhaps it would be best for the relationship advisor to partner with a more research and detailed advisor who can prepare the financial plan and the retirement cash flow scenarios.? The relationship advisor can focus on the big picture, the clients emotions, and reactions while the more technical advisor can review the details of the plan.

Its best to remember that a successful advisor is not all relationship and no technical skills; just that everyone has more of one or two strengths than another. It makes sense to share your greatest talents with your clients. In order to do this, a productive practice is to combine the skills of your team and learn from one another to strengthen struggles and fine-tune natural talents.

So, who is to take ownership of minding the client relationship?? If you have structured your office to capitalize on each individual team members strength, you all are as a strong unit!

Peggy Mengel

Peggy Mengel - Business Coach - The Biz Sherpa

As CEO and founder of The Biz Sherpa, I coach and consult with executives on developing deep and strong relationships with clients, staff and most importantly, themselves. When you align your talents, passions and strengths with a strategy that fits your uniqueness, you will transform yourself, your client experience and your business.

Throughout my career, one my driving principles is to understand people before numbers. It is this philosophy that ignites my desire to help financial services firms meet the challenge of driving results through a behaviorally based strategy.

How can your firm balance the demands of effectively managing people and maximizing profits? Start building business from the "inside-out" with a coach who understands your industry and your challenges.

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