How to build better relationships with custodians, B-Ds and tech vendors

How to build better relationships with custodians, B-Ds and tech vendors
One key is to keep the lines of communication open and have a two-way channel for feedback.
APR 14, 2015
Any adviser will tell you that client relationships are at the heart of our industry. We spend the bulk of our time and energy staying in touch with clients and fostering a healthy dialogue so we can help manage their evolving financial needs. However, one of the relationships we often overlook in this business is the one our own firms have with vendors and custodians. In the same way we know what our clients expect from us, do our partners know what we expect from them? One of the initiatives Private Ocean has undertaken recently is to build better relationships with our custodial partners, broker-dealers, and technology vendors. Our goal is to keep the communication lines open and have a channel to give feedback on tools, features and other benefits that could positively impact not only the firm but our clients. What advisers don't realize is that these firms want you to be satisfied and appreciate your input. Here are just two steps Private Ocean has taken to build better partner relationships: • We assigned someone in our office to work as a liaison with tech vendors and custodians to ensure ongoing open communication. If a vendor has an update we are notified, which keeps us current and helps us streamline our efforts. • We schedule periodic check-ins over the phone, and at least once every two years we have representatives from our technology vendors and custodians schedule time to demonstrate the latest enhancements and what's coming up in the future. Though we feel we may know the answer, we always ask our partners how we can be maximizing the tools they provide. Try as we might to stay on top of update emails, we don't always know if we're taking the most advantage of the technology we use every day unless someone takes the time to point out what we're missing. We've seen a tremendous value in these check-ins and view them as an excellent opportunity to create a conversation with custodians, broker-dealers and tech partners. By treating these partners like advocates for your firm, it will keep you constantly thinking about how to best utilize technology in your business and how these firms can work better with you. Greg Friedman is co-founder and chief executive of Private Ocean and president and chief executive of Junxure.

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