Building and fostering relationships with clients lies at the heart of the wealth management industry. While there are many facets of wealth management, creating and maintaining relationships is one of the most important aspects of building loyalty.
How can you, as a leader, ensure your company or the team is working in the right direction for relationship management? This article will discuss five tips for better client relationship management at your wealth management firm.
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Hire a relationship manager
A relationship manager manages communications with clients such as businesses, vendors, or partners. The relationship manager understands the client’s needs and meets them on time. This person also cultivates valuable relationships with potential clients and businesses. When hiring a relationship manager, seek a candidate who is eager to learn about the ins and outs of your business and loves forming valuable relationships.
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Schedule appointments
Time is a valuable asset. Instead of asking your clients to come by at their earliest convenience, set up a time to meet them. This will prevent any of the parties from wasting one another’s time. Schedule appointments in advance, so everyone has plenty of time to prepare. Share expected meeting agendas prior to sending invites.
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Fulfill promises
In the initial sales pitch, companies portray the best version of themselves and may overpromise to the client. Make sure you pitch realistic solutions and follow through with them till the end. Nothing ruins a relationship more than false promises that don’t turn into reality. One slip-up could easily cost millions of dollars in the wealth management industry. Make sure you conduct business responsibly.
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Listen
When working with wealth management clients, you as a CEO or a leader may try to push your ideas on the client and ask them to put their trust in you. However, before you can provide them with a solution, listening and understanding their pain points first is important. While your product or service may be top-notch, it won’t add up to anything if it doesn’t effectively align with your client’s needs.
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Pay attention to your customer support
A customer may love your idea, product, or service but bad customer service can quickly ruin things. Ensure a customer support team is always ready to answer any of the customer’s questions, solve their technical issues, and provide them guidance. A happy and satisfied customer will stay with you for the long run.
Are you looking for relationship managers for your wealth management firm? Whether you are a private bank, brokerage firm, or a single and multi-family office, executive search firms can match you with the right candidates for you.
