In Financial Services You Can Smile Harder And Give Away Gifts But Loyalty Is Heartfelt

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In banking and investing and insurance, many thousands of service-minded people enjoy client loyalty. Yet, most labour under a false basic assumption about why clients are loyal to them or their institution, rather than competitors. What really generates loyalty is warmth.

The dominant view of loyalty in financial services equates loyalty with simple continuity of service. “If they keep on dealing with you, that means they’re loyal.” This makes sense, but it lacks a basic understanding of what motivates people to be loyal.

This view also supposes that people become loyal to whomever best satisfies their service requirements. “If they can read statements that arrive on time, and find good numbers in them, then you just need be nice and keep it up.” This makes sense, too. But does loyalty come simply from satisfying requirements and smiling?

By conventional wisdom, good investment performance and reliable admin are not quite enough from investment advisors or financial planners. Indeed, they strive to have impressive diplomas and professional certifications, to dress for success, and to express clever perspectives. This makes sense, too. Yet, most of their clients simply assume the diplomas and certifications. People want something more.

connectedness the edge

The conventional wisdom lacks edge. Here’s that edge: connectedness – mutual connection with the individual or institution. Some have it and don’t know how or why. Some credit their office d


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