In recent years, the discussion surrounding client experience has oscillated from in-office meetings to virtual conferencing and back again. Curiously absent from this conversation is the enduring practice of making house calls. Despite the efficiency gains associated with Zoom meetings and office rendezvous, numerous wealth advisors continue to traverse to their client's homes or workplaces. We sought to discern the rationale behind this approach. Thus, for this edition of Barron's Advisor Big Q column, we posed the question to advisors: "Do you engage in house calls, and if so, why?"
Key takeaways from house calls
- Wealth advisors are returning to in-person house calls despite the rise of virtual meetings.
- A commitment to the client's best interests is a core principle for advisors like Angie, who also cater to clients with personal assistants and a preference for tangible documents.
- Chris McMahon, CEO of Aquinas Wealth Advisors, notes that before COVID-19, house calls were a hallmark of excellent service, often engaging entire family units in the decision-making process.
- Clients' unique living environments, such as lakeside retreats or mountain abodes, add to the appeal of house visits.
- Ken Mahoney reflects on his career starting at kitchen tables, where clients felt more comfortable and engaged in deeper financial discussions.
- The COVID-19 pandemic accelerated the shift to phone and Zoom meetings for greater efficiency and effectiveness.
- House calls endure for their convenience, personal connection, family engagement, and insight into clients' unique living situations, demonstrating advisors' commitment to exceptional service.
Angie Spielman, a founding partner and financial advisor at Manhattan West, primarily serves women who have encountered significant financial events, such as divorce or the loss of a spouse. She frequently conducts meetings at their residences due to the convenience it affords them. Moreover, some clients employ personal assistants, making face-to-face meetings advantageous. Older clients often prefer tangible documents, maintaining estate-plan packets and past tax returns in their homes, which proves more accessible during visits.
A core tenet of our service proposition, shared by our firm, is unwavering dedication to the client's best interests. While we are more than willing to host clients at our office, the allure of avoiding the notorious LA or San Diego traffic encourages most to opt for home consultations. Additionally, some clients have multiple generations residing in one household, and my presence often fosters intergenerational conversations relevant to their financial matters.
Chris McMahon, President and CEO of Aquinas Wealth Advisors, recalls that pre-Covid, making house calls was a hallmark of excellent service. In his extensive experience, the most successful advisors with the deepest client connections frequented clients' homes. The decision-making process within families is typically a collective endeavor, requiring initial contact with the entire family unit. Sixty-nine percent of their meetings transpired outside the office, with 34% occurring in clients' homes.
However, post-Covid, the firm transitioned to videoconferencing, which has proven more efficient for all parties involved. When house calls were necessary, a team of advisors handled the multifaceted discussions, ensuring that each aspect received the expertise it deserved. Clients now benefit from a more comprehensive and interactive experience, engaging in meaningful dialogues rather than monologues.
John Weeks, Managing Director of Family Wealth and Business Transition Planning at The Colony Group, underscores the merits of house calls. The personal connection established in a client's home is unparalleled, often leading to deeper, more open conversations. House visits also provide opportunities for family meetings, such as discussing the potential transfer of business interests or philanthropic endeavors. In one instance, they facilitated a family meeting where a client shared insights into various businesses, garnering feedback from the family members. Home visits also grant a glimpse into clients' unique living situations, whether it's a lakeside retreat or a mountain abode.
Ken Mahoney, CEO of Mahoney Asset Management, reminisces about building his career at kitchen tables during his younger years. He discovered that clients felt more comfortable at home, often recalling additional accounts and documents during meetings. The relaxed environment encouraged clients to delve deeper into their financial matters. However, travel became increasingly inefficient as his practice expanded. In 2020, the COVID pandemic necessitated a shift to phone and Zoom meetings, boosting his efficiency and effectiveness, and enabling multiple daily consultations.
In conclusion, while the financial advisory landscape has witnessed the evolution of meeting formats, the enduring practice of making house calls persists for numerous reasons. Convenience, personal connection, family discussions, and unique client environments all contribute to the rationale behind this approach. Each advisor's journey, whether at the kitchen table or through virtual conferencing, reflects a commitment to delivering the best possible service to their clients.
Source: Barrons
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