In Financial Services, You Can Smile Harder and Give Away Gifts, but Loyalty is Heartfelt
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 theyre 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...
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