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Operational Excellence

Service Now Trumps Performance

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It is not an accident that software product companies use the term SAAS (Software as a Service).

Amazon flourishes due to great service, and financial advisory firms are shifting from investment performance to relationship driven service models.

WHY?

For starters, it is much easier and less expensive to attract new clients by developing relationships with current clients and converting them into raving fans who refer business. All you need to do is be accessible and provide reliable, trustworthy service and advice.

Related: How Advisory Firms Can Stop Dying and Start Living!

Second, it is more rewarding to learn you made a positive impact on your client than to work in a void. Clients will only provide feedback if you have a relationship with them and they know you care.

Finally, your business will die if you don’t form relationships. I continue to watch performance driven firms stagnate. Their growth is flat, their profits are declining, and they can’t attract good staff. Millennials and Gen Z have it right – service trumps performance, relationships trump money, and purpose matters both in work and life.

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