Recently the partner in a large team wrote complaining that his partner had a relationship with a client for 20 years yet, when the client had a 50-million-dollar liquidity event selling his business, the client moved everything to another team in a different firm.
The partner said they thought it was because the other firm had a trendier, catchier name and was therefore able to get a meeting with their client. This made no sense. People don’t change providers because of a catchy name.
They change because the relationship you think you have is not the relationship they feel they have.
After some serious discovery, yes, the advisor knew them—BUT really knew very little about them. What were their true passions? What were their interests beyond playing tennis or golf and spending time with their grandkids? Did they like to travel, fly-fish, play mahjong, or get involved with charities?
His answer was “Not sure about all that.”
In the end, when the client was asked why they moved, their answer was: “We felt like the other team really understood us.”
This is far more common than you may think. The need for professionals to develop stronger, more authentic relationships has never been greater. AI is democratizing intellectual capital. Authentic relationships and a consistently elevated experience are THE differentiators. Yet I constantly hear leaders say, “Oh, we are good,” even as business moves and outflows skyrocket.
It’s time to improve your relationship-building skills and deliver memorable experiences.
Reach out to me- I can help!