A trust advisor is uniquely positioned to be a central clearing house for their clients. The advisor knows the client’s current financial situation, business, and family dynamics and has helped plan the client’s future for the client. In many cases, the trust advisor stands in the place of the client, making decisions on life changes for the client, executing plans created by the client related to family and business, and investing to meet the client’s financial objectives.
Thus, the trust advisor has come a long way since the client saw the trust department as the final stop to gather assets, pay taxes, and distribute assets to the client’s family. Today, the trust advisor is in the middle of planning for the client. The trust advisor works with the client, the client’s attorney, the accountant, and other advisors. The trust advisor also brings unique perspectives that the client can find nowhere else.
The trust advisor does not charge for their time. Therefore, the trust advisor can provide a sounding board for the client without starting a billing clock. The advisor brings their knowledge of the client, other situations that might relate to the client’s situation, and other cases in which the advisor and the client’s professional team have worked together.
While the advisor builds their relationship with the client, the advisor also brings valuable experiences to help the client. Building this relationship also establishes the advisor’s knowledge of the client and the client’s goals and objectives. Then the advisor can look at questions and opportunities through the eyes of the client. The advisor provides an independent but kindred viewpoint. The advisor also stands in for the client if that person is incapacitated, unavailable or deceased.
The trust advisor also serves as a gatekeeper for other banking services, including business loans, insurance loans, mortgages, home equity loans, and a host of deposit and other bank products.
Focus on clients
The trust advisor achieves their valued position with the client by building a relationship. The more the advisor meets with the client, understands the client’s goals and objectives, and learns of past decisions and events in the client’s life, the more that advisor becomes a unique and vital advisor to the client.
But this doesn’t happen in a vacuum. Client confidence does not come without earning it, as clients are increasingly more sophisticated and knowledgeable. They expect a higher level of service and knowledge of other service sources. They want accuracy and timeliness. Clients expect their advisors to understand and be familiar with their unique situation. They want good investment performance and communication. They appreciate communication from their advisor in anticipation of their questions and needs.
The advisor must keep organized files to achieve this level of service for the client. The client’s case must be reviewed and detailed in these files. This analysis will include a synopsis of documents, a recap of family members, and a tickler of recurring events and services. Building the file helps the advisor serve the client and provides reminders of things that need to be done to help the client.
To focus on the client, the advisor needs to work hard. The advisor needs to contact the client many more times than the client contacts the advisor. The advisor must establish their position as a valuable team member. Far from being taken for granted, the client must believe that the advisor is always thinking about ways to help the client.
With this focus, the client receives personalized service specific to the client’s situation. The client gets valuable financial investment management services and helpful financial advice. The client has a team member who considers their best interests. The client has an advisor who will serve the client and other members of the client’s family.
If you are a Legacy client and have questions, please do not hesitate to contact your Legacy advisor. If you are not a Legacy client and are interested in learning more about our approach to personalized wealth management, please contact us at 920.967.5020 or email@example.com.
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Any developments occurring after July 1, 2022, are not reflected in this article.
This newsletter is provided for informational purposes only.
It is not intended as legal, accounting, or financial planning advice.