One of the hardest things in any profession is gaining the trust of those you are working for – your clients.
It’s hard to earn and easy to lose.
One of the things commented on by my younger colleagues is the length of time I’ve been working with most of my clients. I often have a throw-away line similar to: “she’s been with me for 15 years” or “I first started working with them 20 years ago”.
The scariest insight though is when it dawns on me that the client I’ve been working with for 15 years is now 70 or 75 years old, and was younger than I am now when we started!
With that in mind, here are my thoughts on how we can earn, keep, and respect that invaluable client trust.
An upfront investment
The more time you invest with people at the outset, the stronger the ongoing relationship will be. Explaining difficult concepts, understanding the individual, and developing patience when your client is trying to process tons of information to make an informed decision all take time. This is especially true when working with people during critical, high-stress transitions in their lives.
Move at their pace
People appreciate it when you let them move at their own pace (with a little nudge now and then). Most importantly, they appreciate it when you don’t talk down to them. Investing the time to ensure the advice meets their needs, and that they feel truly confident executing it, is a great start to any long-term relationship.
Prepared for anything
Once a client is on board and the ‘heavy lifting’ is done, it’s easy for some to get caught up in the thrill of the chase and focus on ‘the next shiny thing’. While “growth is good” it shouldn’t be at the expense of your existing clients. Both the client and the adviser have invested in the relationship, and it needs to be nurtured. No-one likes to be taken for granted, especially the people who trust you and are paying to keep the lights on.
Preparing thoroughly for review meetings, being proactive with communication, and taking a genuine interest in their lives, should be merely a ticket to the game.
Knowing your client
Knowing your client is critical – some clients love deep-diving into technical strategies; others focus on the minutiae of their portfolio. However most just want to be heard and understood. There’s no point in spending hours preparing spreadsheets if the client just wants to know they are on track. They already expect you to know the technical details; they want you to reassure them.
Back in my early days, I had a strong need to over-prepare for client reviews. I tried to anticipate every single question, have the perfect answer ready, and offer three different options. Over time I realised that while preparation is required, that energy needs to be spent wisely. Knowing your client tells you exactly where to focus.
Catering to diverse traits
It’s easy to work with people who are just like you. You relate to them easily, they are often easy to talk to and sometimes a friendship develops. This kind of relationship is naturally built on mutual respect for each other’s opinions, values, and choices. Happy days!
It can be harder to work with people who have vastly different personalities. They might be very quiet or perhaps too chatty. They might struggle to communicate clearly, or they might have an intense focus on detail rather than being blasé about their situation. But just because they are different doesn’t mean they don’t deserve your utmost respect.
Adapting your communication style to accommodate these diverse traits is a sign of professional respect. There’s no point going on about your recent trip to China if the client just wants to get straight down to business. On the other hand, diving straight into the numbers without any pleasantries won’t suit a client who takes a genuine interest in you and your team.
Crucially, respect doesn’t mean that all clients are the right clients. If someone is rude, obnoxious, or untrustworthy, they simply aren’t a good fit. In those cases you are doing both yourself and the client a service by helping them find a new professional home.
The common thread
Looking back, what draws my focus has naturally shifted throughout my career. Early on, imposter syndrome saw me hyper-focused on technical advice. Later, mingling with great businesses encouraged me to build my own, and a deep interest in investments drove me to complete a Masters Degree in Applied Finance.
But through every stage of growth, the one element that remained non-negotiable was a deep respect for my clients and a genuine interest in their welfare. Being authentic and caring are the traits that truly endure.
Anne Graham is Partner of Integrated Advice (Private Wealth) at Kearney Group.
