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How many times have you called a BIG Institution only to get that dreaded automated voice system? They either give you the option to connect with a person via their names directory or press such and such number to reach a department.
I know for me this is the most annoying thing when I need to speak with someone at that moment. When you do finally reach your department, you may be told that all advisors are currently busy and you are now in the line of other callers.
I do understand that in this day and age we are more disconnected from the personal touch. We use emails and text message to connect with people more then we actually pick up the phone to speak with someone. However I do find it refreshing hearing the voice of a person that will actually engage in a meaningful conversation and try to assist me..
When you deal with a private Wealth Management firm like LOM as opposed to a big bank, you will actually speak to someone. Even when your advisor is not available someone else at the firm will attempt to help you. This is because we believe that this is a very personal business where relationships are built over time, through personal contact and trust. Our clients not only want to be able to call us and hear a voice, they want us to call and engage them as well.
They appreciate us keeping them abreast of what’s going on in the global markets, particularly how events are affecting their portfolios. Even with the internet and every other bit of technology at their disposal, people generally appreciate the human touch. Sometimes it’s so much information they want a professional opinion to complement theirs. Most firms, whether big or small, provide online access and give clients the ability to view their portfolio any time of day.
If you look at your portfolio after some major news event which has affected the price of one or more of your securities and are looking for real time advice, you don’t want to call your advisor and be put on hold by a machine.
I’m sure all institutions, big and small, try to please their clients within the realm of their business. However, there is a real difference between a boutique family office type of firm and a “Too big to fail” operation. The big firms have quantity of funds and products, but do they offer a personalized service? Does the big firm value- truly value – you and your business, or are you treated like a number and expected to fit in with their business model?
The choice is yours at the end of the day, as it should be. You are the client and it is your wealth we speak about. A bigger firm may be more of a household name and maybe offer more products than other, smaller firms. The big question, though, is do they offer the kind of service you deserve?
The information contained in this article is for information purposes only, and represent the views of the author. It is not intended as specific investment or financial advice, or a recommendation or solicitation to buy or sell any security. Any investments or strategies listed in this article may not be suitable for all investors. Past performance is not indicative of future performance, and as with any investment, prices may fluctuate. It is recommended that advice is sought from a qualified investment professional prior to implementing any financial plan. LOM has made every effort to ensure that the contents herein have been compiled from sources believed reliable, however LOM does not warrant the accuracy, adequacy, timeliness, or completeness of this information expressly disclaims liability for errors or omissions in this information.
