Poor practice management will cost you customers.
[By Matt Oechsli, president, The Oechsli Institute]
Guess what? Financial advisers must approach their business as a business. Top-shelf practice management is not optional — it is essential for working with today’s skeptical affluent investor. Advisers have been hearing the drumbeat of practice management, client segmentation, client service models, bandwidth and the like for the past 10 years, if not longer. Now, all of this has become a requirement. Today’s best advisers understand this and are making the necessary adjustments. They recognize that the opportunity to advise and guide affluent investors is a pure gold mine.
However, it is important to have a thorough understanding of what would cause an affluent investor to switch financial professionals.
Here, then, are the following top six reasons why affluent clients switch advisers, based on our most recent research.