Listen.
That’s UBS financial advisor Jon Vigi Jr.’s secret to winning new clients and keeping existing ones happy.
“At its core, our business is simply about listening to people,” said Vigi, who won the best idea contest at the 2022 Forbes/SHOOK Top Next-Gen Advisor Summit. “We help people reach their goals.”
Vigi added: “We build relationships and we want clients to trust us. This takes a lot of communication and work.”
Vigi, 32, and his dad, Jon Vigi Sr., manage $850 million for 40 wealthy Midwest families with assets of $2 million or more. The practice, Vigi Wasserbaech Private Wealth Management, is based in the Detroit suburbs.
Jon Jr.’s exposure to wealth management started early in life. He would go with his dad to the office as a child and watch him work.
After Jon Jr. graduated from Kalamazoo College, his father helped him get started as an advisor.
Jon Jr. listened carefully to his dad’s advice and he developed a habit of paying attention to clients when they spoke. This approach seems to have paid off. Jon Jr. was recently ranked as a Forbes/SHOOK Next-Gen Best-In-State Advisor.
He was also asked to participate in the Forbes/SHOOK Best Idea Contest, a popular staple at Forbes/SHOOK conferences. During these events, contestants share their best practices with peers.
In presenting his idea, Jon Jr. offers this perspective: “We go into a meeting with a thick binder and are prepared to talk for a half hour about how great we are and all the great services we can offer,” Jon Jr. said. “But what people really want is to be listened to, to be acknowledged. They want to be deeply understood.”
The key to success, Jon Jr. said, is finding out what the client wants to talk about. “Ask them what is most important to them right now. Ask what problems they have that you can help solve.”
During these sessions, Jon Jr. said he sits, listens and takes notes. He waits to ask questions.
One successful approach Jon Jr. uses involves assembling a one-page document listing his firm’s services.
“Early in the conversation I have the sheet of paper on the table,” he said. “At some point, I turn it around so it is facing them.”
One of the items on the paper inevitably becomes a topic of discussion, leading the conversation in a particular direction.
“If you take this approach, you will find that the prospective client is more engaged. They will open up more and they will leave the meeting saying, ‘this guy understands me. He gets it,’” Jon Jr. said.
Jon Jr. approaches meetings with current clients in a similar fashion.
“I ask them before the meeting what are the two or three things they want to speak about,” he said. “I then tailor the agenda around that.”
Jon Jr. said even if clients do not reply with suggestions, he finds they are always appreciative that he solicited their input. “This is something that I have just started doing and I have gotten very positive feedback.”
Jon Jr. said by listening he develops a better understanding of clients and their needs. This leads to greater client satisfaction. And satisfied clients lead to more referrals, he added.
The best advisors provide solutions to problems. “You are kind of like a life coach,” he said. “Our purpose is to make clients’ lives better.”
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Best Idea: Listening Builds Relationships, Makes Clients Happier - Forbes
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