The presentation by Bruce
Weatherill, CEO and founder of Bruce Weatherill Executive
Consulting, at the PBI Summit came after his recently
released a report, The Value of Trust.
The report is based on the
responses of 369 clients and 285 wealth managers from around the
world.
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Weatherill’s study found that
trusted advisers were five times more profitable than untrusted
advisers over the course of their client relationships. Trusted
client advisers have a 26% greater share of wallet, obtain twice
the number of referrals per year and suffer virtually no client
defections.
The report also identified that
there was a significant gap between the key performance indicators
of wealth managers and those of their clients.
According to the report, the key
performance indicators (KPIs) of wealth managers are largely
internally focused and relate to financial indicators, such as
cost/income ratio and product performance.
The KPIs of clients, however, are
more emotional in nature and relate to service and feelings, for
example ‘gut feeling’ and rapport with the adviser.
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By GlobalData“This lack of alignment between what each side deems important
does not reward behaviours by wealth managers, which are conducive
to building trust nor does it collect the information needed to
monitor the benefits that client centric behaviour delivers,” the
report said.
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