Private bankers have been trickling out of large organisations to form multifamily offices to provide a better service for their clients for over a decade. This trickle is now building into a stream and larger organisations have begun to notice.
Client care is at the heart of another quiet revolution in Switzerland. UBS and Credit Suisse are focussing their efforts on cross-selling and upselling to existing clients; with noticeable results.
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To win business in the twenty first century, client care is key, but it needs to be understood and rigorously implemented to be successful. The Finance Services Industry invested little over the last few decades in teaching its advisors what they needed to do to care for clients and win new business, whilst making crystal clear that targets must be achieved.
The Trusted Advisors Academy fills the knowledge gap for advisors and provides them with the tools they need to care for clients and win business. Its white paper ‘Winning new business from Private Clients’ provides valuable insights into the mind and motivation of the UHNW community and how to win business.
One tip from the Trusted Advisors Academy – is to share case studies to win business. If case studies are shared with a client, repeat business is encouraged, and with a network, referral of business is encouraged.
To win cross referral business, rather than appoint client experience directors, advisors simply need to share case studies with their colleagues.
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By GlobalDataMost advisors prospect for new business through face to face meetings or through LinkedIn. They then follow up with a coffee and an exchange of cards and brochures. On average advisors spend 20% of their time prospecting for new business and 40% say they are poor at it. This is equivalent to seven hours a week.
Case studies are the best solution to win business. They are 1,227% more likely to attract interest than material with no human content. Sharing case studies circumvents the innate fear of the influence of strangers and are read.
UHNW individuals want advisors they can trust. Advisors can use their network to demonstrate care for their clients. If an advisor is getting no benefit from the recommendation it shows the client that his interests rank above his advisor’s.
Another tip to win business promoted by the Academy is persistence, but without being boring. It takes up to 5 to 12 touches before an advisor can start to influence and win business. Speed networking is a fun way to win business. A group of advisors meet. Each advisor in the group is asked to present a five minute case study. With eight in the group it takes less than an hour.
Follow up is easy. Each Academy Advisor simply uploads his or her case study onto the Academy’s neutral platform www.familybhive.com and ‘follows’ each other. In this way advisors can keep up to date with the news, views and case studies of their network 24/7.
But not only advisors – the UHNW community are three times more likely to go to a comparison website than any other community – they are inquisitive and rely heavily on information to avoid being taken advantage of.
Many advisors to UHNW individuals like low profile and privacy, but this is to miss the point. The UHNW community needs to be private to avoid unwanted attention and pests, but they want to know what advisors do for their clients.
This community as a minority struggles to find the boutique or private banker which ideally suits their requirements. In these days ofinformation explosion UHNW individuals want to find their own advisors and to do so advisors need to be visible, albeit low key.
For those who wish to continue to rely on word of mouth recommendation they will soon get left behind possibly as having somethingto hide.
If you want to find out more about the Academy simply join at www.familybhive.com take out a profile so you can be seen and come to its meetings in Mayfair.
Caroline Garnham is CEO at Family Bhive
