My practice is based on the idea that financial advisors generally do not know their clients’ wants and needs anywhere near as well as they might. Uncovering that and building a system to consistently deliver it to them will revolutionize an investment advisor’s practice.
Carol Anderson, President of Money Quotient, suggested an even deeper relationship with clients. In a post on the FPA Practice Management Blog a few weeks ago, she describes the importance of digging into a client’s history to uncover how they “frame” reality. She picked up the concept from Elissa Buie, CFP, a former President of FPA, and mentioned a book that examines one approach to it in detail, Communication with Clients: A Guide for Financial Professionals by Charles J. Pulvino, James L. Lee, and Cynthia Forman.
The better you know your clients, the more effective an advisor you will be. Carol’s post is worth a read.