This is a discussion thread by my classmate . I have to reply on it Supernova wa

Question

This is a discussion thread by my classmate . I have to reply on it

Supernova was created to give customers the "ultimate client experience" and when used effectively it does just that. Building relationships and trust are among the most important aspects of Supernova as getting to know your clients needs and wants makes a FA's job that much easier. Through this relationship building there are many perks. The FA's benefit in two different ways, they have clients referred to them by existing clients, and existing clients want to stay with them because of the interest that they take in their life. This is referred to as attack and defend. "Exceptional client service builds comfort, and comfort leads to intimacy" (Knapp, 2008), and by creating this intimacy, you will "build a force field around your clients that quickly wards off any competitive approaches or firms" (Knapp, 2008). Both being on the attack with getting referral clients and on the defense with retaining those clients FA's have put so much time and effort in with are both huge aspects of Supernova. Which of the two do you think is more important to managing a successful client list?

References:

Knapp, R. (2008). The Supernova Advisor : Crossing the Invisible Bridge to Exceptional Client Service and Consistent Growth. Hoboken, N.J.: Wiley.

Explanation / Answer

The two benefits mentioned are

Attack: (growth) Acquire new clients through referrals and word of mouth advertisement/recommendations

Defense: (sustain) Hold on to the existing client due to the high level of intimacy and comfort between the parties

Now if we ask the question as which is more important to manage a successful client list, we first need to ask what is considered a successful client list? Is it growth or is it sustenance. In most case, the success of a client list will be measure by the lifetime value of the client. This is directly impacted by how long a client has been with you. Naturally this means that a long-term client indicates high quality of relationship the less turnover indicates a more stable relationship.

While attack portion allows you to grow your client list, that is not possible unless your clients trust you. And in order for the clients to trust you, you will need to build a comfort zone for the client. This is why the more important part here is the defense. This not only allows you to build a comfort zone for the client but also creates the platform for the attack.

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