Relationship management is the path to client satisfaction. In this paper, Vanguard Investment Strategy Group explores how advisors can differentiate themselves from their competitors. Some key findings include:
Trends in the investment advice industry – regulation, fees, and technology-enabled competition – likely will continue to shape the contours of the advice industry and mold client satisfaction.
As Advisor's Alpha research has suggested, for the typical advisor, the path to greater client satisfaction and asset growth should follow an underappreciated route—relationship management.
A focus on relationship management takes time and commitment. By streamlining some aspects of financial planning or wealth management, advisors can allocate more of their time to the clients who increasingly demand and value it.
Ultimately, clients determine the value of advice and, as our Advised Investor Insights™ research reveals, they clearly value and reward an advisor they highly trust with referrals and loyalty.
To differentiate themselves from their competitors – both robo and human – advisors should embrace the fact that relationship management is not "customer service" but, rather, the crucial element of peerless financial advice.
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