My wife and I recently adopted two puppies from a rescue organization in Houston that specializes in pugs. You know, the short-nosed, snorting, shedding, and cute-because-they’re-ugly dog breed. We’ve been adopting senior pugs for the past 15 years, but we wanted to have a longer lifespan spent with our next additions, so decided to adopt two puppies.
Although we knew it would be a lot of work to raise and train puppies, we didn’t expect it to be as challenging as it has been at times. Fortunately, we eventually found our groove and are now in a great place. I looked back at what it took to find success and can’t help recognizing how our journey with our puppies mirrors the principles financial advisors use to build and sustain client relationships.
Starting with a Foundation of Trust
It all starts with building a foundation of trust. Puppies want a safe environment where they feel free to play, eat and rest. The human touch, a kind word, and time spent interacting together builds a trusting relationship. You can’t rush this; it has to be earned slowly and consistently. It has to begin with sincerity.
Similarly, clients want a relationship where they have your time, attention and care. Otherwise, they’ll look elsewhere.
According to the 2024 EY Global Wealth Management Industry Report, 44% of clients plan to switch advisors or move assets in the next three years. These reasons vary, of course, and may have nothing to do with the advisor. That said, clients want to know that you have their best interests at heart, that you’re in this to help them for the long term, and that they can count on you when they need you most. Without trust, there is no foundation for a meaningful advisor relationship.
It takes patience and commitment to handle difficult times. Our pups, Walter and Matilda (Tilly) have certainly tried our patience. Whether it was potty training that seemed to elude Walter, or getting Tilly to chew on her toys instead of anything she could get her teeth into, showing patience and commitment to foster consistently good habits was crucial. The puppy stage can last months or even years, so it is important to have a plan and stick to it.
In wealth management, the client journey isn’t linear either. Our clients’ investment time horizons are often quite long. Market cycles can be stressful at times of volatility and monotonous during stable periods. You and your clients’ patience will be tested, but if you have a strong relationship and an investment plan, you will be well positioned to guide them toward their financial goals.
Staying committed also means showing up, even when it’s inconvenient or when progress feels slow. Some of the most meaningful long-term client outcomes arise from the work done in those quieter periods of consistency and discipline — just like teaching puppies good habits day by day.
Celebrate the Wins – Big or Small
Lastly, remember to celebrate wins. It can be easy to get distracted by the accidents or the chewed-up slippers, but the joy of the bond you created with your puppy will overshadow it all. One way to encourage more good times is to make a big deal out of them when they happen. Be generous with treats when puppies listen to your instructions. Give them new toys as a reward. Frequently use a positive tone and kind words, and show excitement. Celebrations are fun for everyone, so why not add more fun to your life?
In terms of the financial world, it is difficult to see account balances decline. Those inevitable bear markets can be scary and unsettling. Financial advisors become counselors who help remind their clients that a market downturn is part of a normal cycle and to stay the course. These negative times are when we tend to see the most interactions with clients.
However, psychology has taught us the benefits of positive reinforcement. Since the market historically has more positive than negative years, we should routinely take the time to celebrate the good times. Don’t just show up when things aren’t going well. You don’t want to be known only as the harbinger of gloom and doom. Take your clients to lunch and congratulate them on good years. Celebrating even small wins will help keep all of us focused on the desired behaviors, actions and outcomes, rather than always chewing on the proverbial slipper of negativity.
A Long-Term Partnership, Built on Loyalty
Just as dogs deserve a forever home, clients need a financial advisor who they can trust for the long term. Helping clients navigate their financial lives — buying a home, sending kids to college, investing for retirement, and building a legacy of multi-generational wealth — is a noble undertaking and a source of pride.
At the end of the day, one of the great joys in life is the unconditional love of a dog. As you work to do good in your community, please support local rescues and humane societies to help give those wonderful animals a chance to experience that love. In our case, Walter and Tilly have brought new energy into our home and reminded us, once again, of the power of patience, trust and shared purpose – values that also guide us in serving our clients.
Tim Boostrom is the director of business development at Stifel Independent Advisors, a subsidiary of Stifel Financial Corp. He can be contacted in the St Louis office at (314) 342-2998.
