Don’t talk to John O’Connell or his team at RBC Dominion Securities Inc.’s The Harbour Group about client segmentation. He’ll hear nothing of it.
“That ‘I’ll take your money sometimes’ approach doesn’t seem fair,” he says. He prefers to outline client expectations clearly in an investment policy statement and use that tool to ensure that clients get what they need when they need it. “Some people want to talk to you every day; some, once a year,” he says.
This approach also means that the firm’s client appreciation events — the group hosts about eight a year — aren’t exclusive to certain clients. Every client is invited to every event on the calendar, including golf tournaments, art fairs and seminars. “You have to manage your business so that you treat all clients fairly and equitably,” O’Connell says.
The sentiment of “equality at all costs” is enforced in the group’s approach to the clients they’ll take on, as well. Speculators — even if they are married to a current client — are shown the door, for example, he says.
“Every investment advisor runs into a problem at a point in time of their careers,” he says, “at which, if they’re trying to satisfy all their clients with all their different investment objectives, there’s no way [the] advisor can do a good job.” — WENDY CUTHBERT
First person:
Treat all clients equally — invite everyone
- By: Wendy Cuthbert
- October 3, 2006 October 3, 2006
- 10:28