Paul Tramontano regularly reviews what clients of Constellation Wealth Advisors encounter when they walk through the advisory firm's front doors. Then this chief executive makes the changes necessary to improve the experience.
He knows that helping extremely wealthy clients with their finances requires special services that go beyond a couple of phone calls and a meeting each year.
At New York-based Constellation, where clients' average wealth is $25 million to $35 million, customer service may include having an adviser fly to Florida for lunch with a client whose son recently died or working administrative miracles to get a loan secured before the imminent closing of a real estate transaction.
“We acquire a lot of clients because we've been good investors, but we keep a lot of clients because we are great at service,” Mr. Tramontano said.
The firm's advisers handle as few as 10 clients and a maximum of 50 because they try to meet each client personally once a quarter.
(More: Pershing's Tibergien: Overcoming the challenges advisers face with high-net-worth clients)
At a minimum, the firm provides a quarterly slideshow of what's going on in the world and how the investment committee is thinking about the capital markets. It's important to educate clients to understand what's happening with their money — and clients appreciate it, Mr. Tramontano said.
“If you understand why you own something, you're a better investor,” he said.
Constellation's excellent client service includes a comfortable meeting space, with couches instead of a giant boardroom tables that might intimidate older clients or prospects. The staff offers clients a beverage (always served with a glass) and will order them a meal if they haven't eaten.
“We want people to come here and feel comfortable because we are going to talk about personal things,” Mr. Tramontano said.
Constellation, a $6.5 billion firm,
has agreed to be acquired by First Republic Bank later this year.
Tipsheet:
• Meet clients where they choose, which may be their home or office. Also, have comfortable spaces available for clients who want to come into your office.
• Have a hands-on team that goes out of their way for clients. This can be encouraged by regularly asking staff for examples of how they've provided over-the-top service.
• Staff members should be familiar with all the clients so when one calls, the person answering the phone immediately knows who they're talking with.
• Serve as the quarterback with clients' other tax, legal and insurance professionals. Do things that help these other advisers be more efficient with their billable time. For example, Constellation collects all relevant tax documentation and sends it out to clients' accountants each year.
• Hire a high-quality team that is motivated and enjoys their work. Then make sure to keep them by offering superior compensation and benefits.
• Be ready to work with clients' children. Constellation seeks to educate the next generation slowly, over time, by sending out books and articles and hosting instructive events for the kids of clients.
