After working with private clients for 27 years, I actually have done many unconventional things that went beyond investment advice. I went jogging; attended funerals, bar mitzvahs and concert events; and even referred a client to a top skilled sports surgeon when he dislocated his shoulder.
This yr I sent Christmas cards to each customer. It featured a photograph of my husband and I with our giant Bernese mountain dog, Grace, all wearing our Santa hats – well, Grace refused to wear hers. Just a few days later I received this message from one in all my long-time customers:
This was the primary time a client requested a gathering with my dog! And in fact I set it up immediately. Grace and I had a fantastic visit with this glorious couple and we talked about topics that had absolutely nothing to do with their investment portfolio. Grace was thrilled that they offered her some ridged potato chips and a number of belly rubs. What a fun strategy to start the brand new yr!
Here are seven more surprising ways to construct customer loyalty:
Maria Pia LeonDirector Client Services, Forbes Family Trust, Miami
“Just a few years ago, a long-time customer asked me to assist him with a very different task: constructing and restoring a 1960 Rolls Royce. It was the automobile he used at his wedding, and over time it had lost value. I’ve all the time loved classic cars and have all the time had the crazy idea of working on a 1978 Porsche 911, so this request wasn’t a lot outside of my purview.
“The project took us three years; Then last summer when he visited, we finally took a road trip. Just the look on his face told me that those three years of looking through catalogs, auctions, and color palettes had been so worth it. This entrepreneur embraced his passion and helped carry on a family tradition. As a trusted advisor, I see my job as helping to maintain prosperity across generations, and for me that includes a car that has meaning if it is part of a family history. I’m excited that this car will be used for weddings and special occasions for future generations.”
Blair duQuesnay, CFASenior Advisor, Preserve, Ritholtz Wealth Management, New Orleans
“Last fall I was planning on traveling to Southern California for an event, so I decided to contact several clients in the area to set up meetings. I had never met any of my newer clients in person: we started working together at the start of the pandemic, so we had only met virtually. She is a single, retired woman who lives alone in northern San Diego County, which is a fairly long drive – about 30 minutes – from where I live. I told her I would look for a hotel nearby and we could have dinner together. She said, “Why don’t you just stay with me?”
“Maybe this seems a bit strange, but I said ‘Sure’ and we ended up having a very relaxed time getting to know each other. She gave me a tour of her beautiful property and garden, we went to dinner at a non-fancy local eatery, and later we watched Netflix together on her couch. . . just like friends. The next morning I drove back to LA with pomegranates and passion fruit from her garden. My daughter really loved the passion fruit!”
Kathrine MadsenSenior Investment Advisor HNWI/UHNWI, Private Banking Elite, Danske Bank, Copenhagen
“When I began on this business 15 years ago on the age of 28, fresh out of Copenhagen Business School, I used to be very insecure and all the time wondered if I used to be ok for this job. Over the years, I’ve realized you could memorize P/E ratios, but that does not make you trustworthy. Either you might have a trusting relationship together with your customers otherwise you don’t. Trust should be a given. I need to provide my clients a way of who I’m in real life, not only the company Kathrine.
“During the pandemic, one in all my richest clients and I deepened our bond: we each had numerous time on our hands. Occasionally she would send me LinkedIn profiles of men who she thought had great potential for me to this point. Then I told her that I had taken on the extremely difficult project of renovating my kitchen all by myself. She said, ‘Oh, how cool are you?’ Send me some pictures!’
“I have an integrated dishwasher and it was difficult to fit it in properly. The plate had to fit perfectly into the top drawer of my kitchen table. I was so excited that I did it on the first try! I shot a video of this successful situation and texted it to my client. At age 28, I never expected that I would do something so strange and text a video of my dishwasher to a major customer. It’s interesting how these relationships start and how they develop.”
Guillaume Drouin Garneau, CIMPortfolio Manager, RBC Dominion Securities, Montreal
“In addition to my work as an investment advisor, I’m a passionate cyclist who seeks adventure while pushing my physical and mental limits to latest levels. I’m also co-owner of Le Club Espresso Bar, a web-based retailer of premium bicycle brands and a singular space that provides an espresso bar and boutique under one roof. Our mission is easy: to bring together and grow the cycling community, offer a number of quality cycling brands and expand the third wave of coffee, a movement to supply quality coffee.
“Some of my customers are very interested in coffee, and one asked me to go to his house and give him an introductory crash course in making coffee at a barista level. I showed him how to properly set up his new machine and know all the tools and techniques for casting. It was a great, bonding experience and now I am offering my help to some of my other clients who are passionate about coffee: this has become a parallel journey to my investment advisory practice.”
Coreen Sol, CFASenior Portfolio Manager, CIBC Wood Gundy, Vancouver
“Many advisors will attest that through the years, our clients’ values and aspirations naturally result in a richer relationship that goes beyond the expected transactional duties of a fiduciary. For example, I’m constructing a community project to rejoice a family architecture firm that has shaped town and is an element of the region’s history and fabric. Having known them as clients through the years, I saw the incredible impact of their work and their role in constructing the Okanagan region. They have designed vital buildings in most of the region’s civic and social centers, significant industrial buildings, residential projects, schools and the restoration of historic buildings.
“I was inspired to celebrate their work in a coffee table book filled with glossy pages of iconic photos, early depictions and stories about the community for the benefit of the people who live there. Everyone involved in the project will be local experts – from photographers to publishers – and all proceeds will benefit local charities.”
Tricia Leadbeater, CFAPortfolio Manager, Richardson Wealth, Calgary
“I gave my clients travel suggestions from local friends in unlikely places, from distant New Zealand to Barcelona; Recommendations made to art appraisers and art restoration experts; and I invited guest speakers who’re true explorers and adventurers to learn in regards to the parts of the world that only a handful of individuals ever experience. I’m focused on constructing community: During our pandemic lockdown, I sent clients an insider Calgary city travel guide so we could improve our perspective and make the most of the chance to find unusual and unexpected places near home while we couldn’t travel abroad.
“This community building helped me personally. My hometown of Calgary was hit by major flooding in 2013, and I was very fortunate to have dozens of strangers and friends help me sort out my house situation quickly. Then I was able to help a client a few blocks away dig out her basement: an unusual opportunity to get to know her and her family better. We are still good friends to this day.”
Marguerita Cheng, CFP, Chief Executive Officer, Blue Ocean Global Wealth, Washington, DC
“My client is a professor and is on his feet lots: he complained to me about foot pain. I’m not a physician, but he asked me how I address foot pain because he knows I’m on my feet lots too. I told him that shoes are very personal. I listed a couple of brands for him and mentioned that my daughter was experiencing this exact form of pain. I then really useful a certain form of shoe and arch support and likewise told him that socks are really vital. I sent him three different pairs of socks with a present receipt and a note saying he was welcome to exchange them. He sent me a message telling me that not only did he thank his financial advisor for taking good care of his family, but he also now has pleased feet. He told me there was no turning back.
“The socks and other suggestions have completely changed the game. I took the time to focus on the details and that allowed me to have a deeper connection. Socks may seem small, but customers know I’m listening and paying attention.”
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