Is superior performance critical to your success? Most people would think yes...of course it is. Everyone used to market the great return on investment their firms were producing...until it all tanked. Now they hope they can say; “Well, we did not lose as much as the other guy.”
The reality is that there is something much more important that superior performance. In 1995 Goldman Sachs report The Coming Evolution of the Money Management Industry, the firm explained that the most important aspect of money management is not skillfully managing money. They said it is; “...gathering and retaining assets.”
When asked what is the most important criteria for choosing an investment firm clients consistently listed return on investment below trust and “other relationship issues.” In another survey clients rated track record ninth out of seventeen attributes, rating it below “a sincere desire for a long term relationship...”
“Prospects do not buy how good you are at what you do. They buy how good you are at who you are.” They demand someone they can trust and that flows only out of a relationship you have put time into building.
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