Positioning Your Office for Growth ThroughReputationpRobert C. ElliottSenior Advisor
This Talk Will Focus On:• Defining reputation and its importance• Establishing and maintaining it• Conveying it best to ot...
Definition of ReputationWikipedia defines reputation as “an opinion about an entity, typicallya result of social evaluatio...
Quantitative Factors• The investment record• Range of products and services• Size and type of clients served• Years in bus...
Qualitative Factors• Honesty and trustworthiness• Quality of the people• Sensitivity to client needs• Personalized service...
How to Establish These Subjective Criteria forjReputationTrait How EstablishedHonesty and Trust Admit mistakes and areas o...
How to Establish These Subjective Criteria forjReputationTrait How EstablishedQuality of People Hire experienced, well-edu...
How to Establish These Subjective Criteria forjReputationTrait How EstablishedSensitivity to Client Needs Become une perso...
How to Establish These Subjective Criteria forjReputationTrait How EstablishedPersonalized Service Keep client/staff ratio...
How to Establish These Subjective Criteria forjReputationTrait How EstablishedAlignment of Interest Invest alongside the c...
Maintaining Your ReputationThe most important thing to maintain your reputation is to createa culture that very regularly ...
Conveying Your Reputation• Be consistent in managing all media• Use public relations, ads, and collateral material to rein...
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POSITIONING YOUR OFFICE FOR GROWTH THROUGH REPUTATION - Robert C. Elliott, Senior Advisor, BESSEMER TRUST

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Robert C. Elliott, Senior Advisor, BESSEMER TRUST - Speaker at the IFG Wealth Management Forum, held in Phoenix, AZ, April 22-23, delivered his presentation entitled POSITIONING YOUR OFFICE FOR GROWTH THROUGH REPUTATION

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POSITIONING YOUR OFFICE FOR GROWTH THROUGH REPUTATION - Robert C. Elliott, Senior Advisor, BESSEMER TRUST

  1. 1. Positioning Your Office for Growth ThroughReputationpRobert C. ElliottSenior Advisor
  2. 2. This Talk Will Focus On:• Defining reputation and its importance• Establishing and maintaining it• Conveying it best to others2
  3. 3. Definition of ReputationWikipedia defines reputation as “an opinion about an entity, typicallya result of social evaluation on a set of criteria.”OR“A ubiquitous, spontaneous, and highly efficient mechanism of socialA ubiquitous, spontaneous, and highly efficient mechanism of socialcontrol in natural societies.”3
  4. 4. Quantitative Factors• The investment record• Range of products and services• Size and type of clients served• Years in business• Financial soundness• Fees• Ownership• Client retention rates4
  5. 5. Qualitative Factors• Honesty and trustworthiness• Quality of the people• Sensitivity to client needs• Personalized service• Alignment of interest with clients5
  6. 6. How to Establish These Subjective Criteria forjReputationTrait How EstablishedHonesty and Trust Admit mistakes and areas ofyunderperformance and fees (i.e.Transparency)6
  7. 7. How to Establish These Subjective Criteria forjReputationTrait How EstablishedQuality of People Hire experienced, well-educatedQ y p p ,people who can empathize withfamilies7
  8. 8. How to Establish These Subjective Criteria forjReputationTrait How EstablishedSensitivity to Client Needs Become une personne de confiancey p f(Jay Hughes)Empathy is very important. When$clients with $100 million lost 30%in 2008 – it hurt!8
  9. 9. How to Establish These Subjective Criteria forjReputationTrait How EstablishedPersonalized Service Keep client/staff ratios lowp(“Frequently promised, butseldom delivered”)9
  10. 10. How to Establish These Subjective Criteria forjReputationTrait How EstablishedAlignment of Interest Invest alongside the client and nog gsales quotas for products10
  11. 11. Maintaining Your ReputationThe most important thing to maintain your reputation is to createa culture that very regularly articulates the values of the firm11
  12. 12. Conveying Your Reputation• Be consistent in managing all media• Use public relations, ads, and collateral material to reinforce yourt ti d lreputation and values• People, offices, art, etc. all send a message• No voicemail (unless clients request it)• Hold client/prospect events to convey their satisfaction. “The OneN b Y N d T G ”Number You Need To Grow”• Use war stories to convey your unique service stills12
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