UNDERSTANDING THE VERIFIER
The Verifier operates under the guiding principle of trust, but they also verify. They generally appreciate the value provided by their advisor and want a consolidated wealth management solution — but only when they feel they’ve built a solid relationship.
Deciding which advisor has earned their trust (and assets) hinges on excellent client experience. Verifiers are seeking a proactive and comprehensive experience. They expect their advisor to be highly qualified and responsive to their needs and seek detailed conversations around financial planning and long-term investing strategies. Spending your time and effort to build this trust is worth it, though, because Verifiers are the persona most likely to increase the amount they invest with their advisors.
Here’s a hypothetical example: Kurt has assets of roughly $5 million and invests more than 85% of those assets with a single advisor, Cathy. However, that percentage grew over the course of five years as Kurt gained confidence in Cathy’s planning approach — which included her ability to look ahead to future life changes to prepare appropriate strategies well in advance, along with timely suggestions for managing taxes. However, the relationship isn’t built only on financial matters; thoughtful gestures, such as sending a gift basket to mark Kurt’s retirement, helped strengthen the relationship.
- Represents 40% of advisory clients.
- Is open about assets and most willing group to consolidate.
- Needs a top tier client experience.