Jim Oxley and his team of three partners wrestled with issues similar to those Ross Gott faced in New London, New Hampshire. Eighteen months ago, they came to the startling realization that the lower 50% of their client book generated just 2% of the firm’s revenue, yet required a disproportionate amount of service. Today, they’ve narrowed their focus to serving high-net-worth clients with $1.5 million or more in investable assets.
“It’s been a lot of work,” says Oxley, who has been an advisor for 25 years and is now a regional director for Raymond James & Associates, covering Indiana, Kentucky, and Ohio. “We have a large practice, and it’s taken a while to turn the ship.”
Oxley is using many of the same techniques that Gott uses. “The goal is to deliver ‘WOW wealth management,’ he says. “When you hear your clients exclaim, ‘Wow!’ then you know you’ve achieved the goal.”
Sometimes it’s the little things that make a big difference. For instance, when Oxley heard that a client hoped to visit Tuscany, he sent them a travel book about Italy. Another client asked for the name of a restaurant in Indianapolis; Oxley sent a gift certificate. “We’re doing a lot more client appreciation–not aggressive, just more proactive,” Oxley says.