There’s a scene in “The Pink Panther Strikes Back” where Inspector Clouseau enters a hotel and sees a small dog. He asks the clerk, “Does your dog bite?” Told no, Clouseau pats the dog’s head—and the dog immediately bites him.
Clouseau turns to the clerk: “I thought you said your dog did not bite!” The man responds, “That is not my dog.”
Beyond the humor, the exchange is notable because it illustrates the inherent dangers of asking the wrong questions, an important lesson for relationship-based businesses.
As a financial advisor, it should matter not only what kind of questions your firm asks you but how often they ask them. Do they reach out often and do their queries reflect that the home office has a personal interest in – and understanding of – who you are and where you want to go? If not, they may be unable to tailor offerings and support specifically for your practice.
Indeed, home office staff must get to know their advisors in the field force. And not just their names, where they are located or even how productive they are. They need to know what kind of clients they serve, where those clients are, their business and investment approach, and their unique goals.
This level of up-close-and-personal service is the foundation of a strong, mutually beneficial relationship. But as wealth management firms continue to consolidate, aggregate and focus on building scale, it’s becoming something that only a precious few can offer.
Up-close-and-personal service is the foundation of a strong, mutually beneficial relationship.
Paige Swartzendruber, Chief Business Development Officer, Berthel Fisher Companies
This is why advisors seeking a new home who rely on outdated assumptions—such as “bigger is better”—are doing themselves a grave disservice.
It’s a notion that has always been intrinsically flawed because “better” is so subjective … better at “what?” In practical terms, thanks to technological advances and the rise of third-party solutions providers, what separates large and small firms in terms of scalability, efficiencies and offerings is largely de minimis.
However, on the service front, the advantages of working with a smaller firm are not just evident—they are growing. For entrepreneurial advisors, the concept of being “independent but not alone” resonates. At a large firm, you’re certainly not alone.
In fact, you’re one among many competing for the attention of limited human resources at the home office. In such an environment, the likelihood of receiving the personalized service you deserve diminishes as the enterprise expands.
What advisors want has not changed. Where they can obtain it has. Smaller firms are gaining market share, according to Cerulli. And the reason is because they can now deliver the bells and whistles once only available at larger firms … and then some. At any firm of any size, advisors should expect and get:
· The ability to speak to the same customer service reps when phoning the home office
· A culture that promotes phone conversations over emails
· Always hearing, “I can help you with that”
· Expeditious handling of most service requests – hours, not days
· Firm leadership that picks up the phone – office or mobile
· Product specialists who explore platform options upon advisor request
Personal service is not just a byproduct of being a small firm. It’s an intentional outgrowth of the culture of most businesses of that size. Financial advisors thrive when they work with a partner who understands their definition of success and is committed to seeing them and their clients prosper.
Is this degree of care and attention possible at a large firm? Yes. Is it likely? I don’t think so.
Paige Swartzendruber is Chief Business Development Officer of Berthel Fisher subsidiaries.
