05.02.23
Increasing Wallet Share Means Profiling Clients
by: Karen DeMasters
Advisors must break through their clients’ “black box” when it comes to asking for more money to manage, said Laura Gregg, director of practice management and advisor research at FlexShares ETFs, a family of funds run by Northern Trust Asset Management. According to Gregg, this involves looking into the clients’ personality traits, especially those that can make it difficult for the clients to hear an advisor’s message. “We all know it is more efficient to grow our business by gaining wallet share of existing clients rather than to try to get new clients all the time,” Gregg said. That is best accomplished by targeting a firm’s message to the persona of the client.
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