Categories
Practice Management
Three standard operating procedures you can implement now
Dave Petzke
Senior Vice President, Capital Group

Advisors don’t necessarily need to go to great lengths to optimize their relationships with clients. Sometimes very simple practices can build effectiveness and client trust. Dave Petzke, an advisor education specialist and senior vice president at Capital Group, shares three ways advisors can almost immediately boost their connection with clients.


Video


 


Transcript


I’m Dave Petzke, Senior Vice President at Capital Group. Let me offer three standard operating procedures you can implement into your practice right away.


Here’s tip number one: According to research conducted by neuroscientist Robert K. Cooper, using two words, “as promised,” at the beginning of any follow-up correspondence is a subtle reminder you are reliable and you do what you say you’re going to do. “As promised, here’s the information you requested,” will really resonate with clients.


Here’s tip number two: Using the word “performance” can unwittingly encourage short-term thinking and unhelpful comparisons to benchmark indexes. Using the word “results,” instead, indicates a clear and concrete understanding of what the client is trying to achieve and places the focus on outcomes.


Lastly, tip number three: Have a follow-through procedure. Issues that might take more than a few days to resolve are potential stress points in a client-advisor relationship — when clients begin to wonder, “What’s taking so long?” or “I wonder if they forgot?” Establishing a formal policy for timely communication and then delivering on that expectation, by providing a status update within that prescribed timeframe, can turn this potential stress point into an opportunity to build trust.




Learn more about

RELATED INSIGHTS

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectuses and summary prospectuses, which can be obtained from a financial professional and should be read carefully before investing.
Statements attributed to an individual represent the opinions of that individual as of the date published and do not necessarily reflect the opinions of Capital Group or its affiliates. This information is intended to highlight issues and should not be considered advice, an endorsement or a recommendation.
All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.
Use of this website is intended for U.S. residents only.
Capital Client Group, Inc.
This content, developed by Capital Group, home of American Funds, should not be used as a primary basis for investment decisions and is not intended to serve as impartial investment or fiduciary advice.

Use of this website is intended for U.S. residents only.