Another best practice is the use of a Client Service Matrix, which helps advisors develop a plan to bolster their relationship with clients. It asks how many times will the advisor communicate with clients each year and how—in person, by phone? But perhaps the most important piece is the advisor telling the client what their service commitment is. Kowach stresses that this is not a rote exercise. "It's all about the individual relationship," he says, "showing our clients how important they are to us and committed their financial advisor is to them." About half of Wells' advisors have used the Matrix thus far; the goal is for all of them to be using it eventually. "We need to continue to work on earning trust from clients. Clients need to know their advisors and firms care about them," Kowach says.
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