POSITIONING YOUR OFFICE FOR GROWTH THROUGH REPUTATION - Robert C. Elliott, Senior Advisor, BESSEMER TRUST
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Robert C. Elliott, Senior Advisor, BESSEMER TRUST - Speaker at the IFG Wealth Management Forum, held in Phoenix, AZ, April 22-23, delivered his presentation entitled POSITIONING YOUR OFFICE FOR GROWTH THROUGH REPUTATION
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POSITIONING YOUR OFFICE FOR GROWTH THROUGH REPUTATION - Robert C. Elliott, Senior Advisor, BESSEMER TRUST
- 1. Positioning Your Office for Growth Through Reputationp Robert C. Elliott Senior Advisor
- 2. This Talk Will Focus On: • Defining reputation and its importance • Establishing and maintaining it • Conveying it best to others 2
- 3. Definition of Reputation Wikipedia defines reputation as “an opinion about an entity, typically a result of social evaluation on a set of criteria.” OR “A ubiquitous, spontaneous, and highly efficient mechanism of socialA ubiquitous, spontaneous, and highly efficient mechanism of social control in natural societies.” 3
- 4. Quantitative Factors • The investment record • Range of products and services • Size and type of clients served • Years in business • Financial soundness • Fees • Ownership • Client retention rates 4
- 5. Qualitative Factors • Honesty and trustworthiness • Quality of the people • Sensitivity to client needs • Personalized service • Alignment of interest with clients 5
- 6. How to Establish These Subjective Criteria forj Reputation Trait How Established Honesty and Trust Admit mistakes and areas ofy underperformance and fees (i.e. Transparency) 6
- 7. How to Establish These Subjective Criteria forj Reputation Trait How Established Quality of People Hire experienced, well-educatedQ y p p , people who can empathize with families 7
- 8. How to Establish These Subjective Criteria forj Reputation Trait How Established Sensitivity to Client Needs Become une personne de confiancey p f (Jay Hughes) Empathy is very important. When $clients with $100 million lost 30% in 2008 – it hurt! 8
- 9. How to Establish These Subjective Criteria forj Reputation Trait How Established Personalized Service Keep client/staff ratios lowp (“Frequently promised, but seldom delivered”) 9
- 10. How to Establish These Subjective Criteria forj Reputation Trait How Established Alignment of Interest Invest alongside the client and nog g sales quotas for products 10
- 11. Maintaining Your Reputation The most important thing to maintain your reputation is to create a culture that very regularly articulates the values of the firm 11
- 12. Conveying Your Reputation • Be consistent in managing all media • Use public relations, ads, and collateral material to reinforce your t ti d lreputation and values • People, offices, art, etc. all send a message • No voicemail (unless clients request it) • Hold client/prospect events to convey their satisfaction. “The One N b Y N d T G ”Number You Need To Grow” • Use war stories to convey your unique service stills 12
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