Dave Coffaro provides strategic management consultation and executive coaching to for‐profit and nonprofit businesses. In addition, he serves as board chair for the Second Harvest Food Bank of Orange ...County and as a director of Members Trust Company. In this article, Dave discusses the importance of organizational self‐awareness in earning and sustaining relevance with stakeholders.
...relevance with clients has a finite shelf life and must be continually re-earned. Bank client engagement surveys, Net Promoter Score evaluations and individual feedback sessions can be powerful ...tools to learn how your clients see you and the experience you deliver. A common job hazard for wealth management professionals is falling into the "I've seen it all before" trap: giant liquidity events, substantive tax levies, marriage, divorce, portfolio market value drops, life and death. ...relevance with clients has a finite shelf life and must be continually re-earned.
Global supply chain disruptions highlighted interconnectivity It's not quite string theory, but when disconnects create global ripples, distilling implications for wealth clients becomes a valuable ...practice for advisors. Knowing the client, their wealth management strategy and their family is foundational to creating meaningful advice. There are many unknowns in 2022-market adjustments, tax law changes, inflation, to name a few-and that's exactly the point.
...the percentage of full-fee wealth management relationships is significantly higher for the $1-5 million size segment than the $25-50 million segment, where there tends to be more size-based ...negotiations. * Myth 2: ...fees have been steadily increasing for years, across all relationship sizes, according to QuantiFacts data. ...clients expect advisers to deliver value beyond features and benefits of the products they use.
