Client Newsletter 1Q18
Letter from the President:
Ramping Up to Deepen Our Relationship with You in 2018
- Going from “I” to “We”
- Focusing on Clients Like You (and Shedding Others Who Are Not)
- Adapting Technology to Expand Our Services for Clients Like You
Welcome to the Ambassador Family!
Nearly three years ago, I sought counsel from our top clients and professional partners. My purpose was to understand how we could better serve you. What struck me was your passion for our Relationship. You told me I need to excel in three areas:
- Build deeper relationships by understanding your needs better
- Offer sophisticated solutions and guidance to help clients make wiser decisions
- Spend more time with clients to figure out how to live your lives with purpose
Your feedback told me to go deeper with my existing mission statement:
“Building relationships to help you navigate life with purpose.”
To accomplish this mission, you helped me realize that I needed to expand my capabilities.
I narrowed the list down to a few items which needed to happen before I could commit to growing in those areas:
I personally was wearing too many hats. My work and family life were out of balance. I needed more help. Ambassador had to go from “I” to “We”.
So, I redefined Andrea’s and Debbie’s roles. I promoted them both to full time positions. They received more training to take on more responsibilities.
I also hired new and experienced staff. In April, I brought in Stuart, who has 25 years in the industry, as Managing Director of Investments and Compliance. Towards the end of last year, Deanna joined the team. She will assist with client service. Deanna previously worked for Moss Adams and successfully raised three kids.
This new growth prompted our big move at the end of December. Now we not only have a much better work environment for our team, but we also have space which will allow us to serve our clients professionally and efficiently.
I realized we needed to focus more deeply on clients who could benefit from our mission – and let go of those who did not want to engage.
In order to provide more one-on-one time and better understand clients’ needs and wants, we discovered that we had too many clients who lacked commitment to building deeper relationships or lacking engagement with our services. During the transition, we let go of over 60 households.
We also introduced a Menu of Services to explain specifically how we can help you and allow us to spend more time with you. Going forward, we will accept a limited number of client referrals. We want to focus only on clients who need and value our planning services. This requires us to invest one-on-one time with each client. This focus will allow us to continue building deeper relationships with our elite group of clients like you.
Cutting Edge Technology/Partners
Great companies embrace great technology. By upgrading to state-of-the-art technology partners, we could come closer to providing concierge service to our elite clients.
After years of working with our former custodian to improve our technology and efficiency, we concluded that LPL was no longer the right partner for our model. We began an extensive due diligence process to see if our clients could benefit from a new custodian. We interviewed multiple custodians. As a result of our search conducted over a year, we selected TD Ameritrade as a custodian with serious investment in technology, competitive pricing, and a commitment to minimizing conflicts of interest.
We also invested significant resources to upgrade our technology in 2017. The more automated our back office, the better service we can provide you. In 2018, we expect to spend more time with our clients with less risk for error in back office operations.
Additionally, our new technology will empower us to understand your needs better and offer more holistic solutions. Your new customized client portal will allow you to examine your total financial picture. Clients can view all their other financial holdings, including both assets and liabilities. The more we can work together to understand your whole financial picture, the better we can serve you. We can devise more robust, strategic plans that can maximize the likelihood for successful outcomes.
You asked for us to deepen our relationship with you. Now it is your turn to come and benefit.
Building relationships to help you navigate life with purpose.