Have you ever felt intimidated by a wealth manager? The polished business suits, the dense presentations, and the sheer number of people who come for a pitch can be quite daunting. I recently spoke with someone who felt exactly this way and has been struggling to choose a wealth manager.
I can relate to this sentiment as I always used to dress in a business suit. It was the norm, and I felt it was important. I attended numerous pitches and portfolio reviews, just like everyone else in the industry. But as time went on, the sheer number of people going for pitches and reviews started to get to me. It was such an overkill, and I felt that so much productivity was being lost.
I decided to break out of the norm in my second stint as a wealth manager. I did most of my pitches and reviews by myself, and I found that it had absolutely no impact on my business.
Now, in my third stint as an independent wealth manager, I rarely wear a jacket, let alone formal trousers. I’m mostly in a formal shirt and jeans, and I feel much more comfortable and confident. And it’s so liberating.
The wealth management industry is a 100% trust business. While the institution we represent is important, what really matters is building trust with our clients on a personal level. We need to be compassionate about our clients’ situations and set up a roadmap for them, hand holding them through the process. We don’t need an army of people in business suits to do that. In fact, more and more clients detest that kind of approach. They want an independent wealth manager who is on their side, who earns only from them, and who has no interest in any particular product.
As a wealth manager, it’s important to keep this in mind when going for pitches. While some clients may still expect an army of people in business suits, more and more clients prefer a more personal approach. They want someone who is on their side of the table, who is compassionate, and who can guide them on their financial and investment plan.
So, fellow wealth managers, think about breaking out of those age-old conventions. Take the leap, and your clients will appreciate the personal touch, and you’ll feel more comfortable and confident in your own skin. After all, isn’t that what trust is all about?
