All advisors understand the importance of building relationships, according to Dr. Gerry Herbison, an assistant professor with The American College, where he is the George G. Joseph and Richard A. Liddy Chair in Field Leadership & Practice Management.
“But what the top advisors do — those in the top 10% to 20% — is focus on maintaining those relationships,” he said.
Herbison, who will be speaking on the topic of elite advisors on Friday at NAILBA 36, said the elite or “exemplar” level of advisors share some common traits. “They are present when speaking to clients,” he said. “They are all in.”
Because of this heightened focus, according to Herbison, the top advisors forge stronger relationships with clients, have better retention of their client base, and have much better referral processes.
Herbison’s research into elite achievement began as part of his dissertation on field leaders, and has since expanded into exploring the elite traits of agents and advisors. So far he has conducted formal studies of nearly 200 financial professionals to zero in on what separates the “great” from the “really good.”