Developing and deepening HNW relationships

When a meeting ends well with a High Net Worth (HNW) client, Andreka Lapchinski, Associate Portfolio Manager, TD Wealth Private Investment Counsel, can feel the positive energy. She says that, beyond winning the mandate and possibly referrals, there’s a palpable sense that you’ve succeeded. She gets there by carefully cultivating a strong relationship from the moment she meets a potential new client.

What elements have to be in place to build successful client relationships?

In finance, you need trust, respect and good communication. Clients have to trust and respect you, for sure. And you have to have effective conversations that enable you to deeply understand what they need so you can tailor solutions that deliver the necessary results. Once you have a successful client relationship, clients have confidence that you’ll help them and that you’ll make the process as pleasant as possible.

At times, I’ve faced prejudices against women. When I worked on an institutional trading floor, I was in an almost-all-boys world. To overcome people’s biases, I put in the work and made sure I really knew my stuff. Because I was so well prepared, I was able to respond confidently when anyone doubted me. Once you’ve established credibility, gender and all other differences start to slide away. You’re just there doing the job and people are excited that you’re there to help them.

How do you nurture relationships from the first meeting onward?

TD Wealth has put together a great platform, so I start by describing it. Then I explain my background and credentials—what I know and what I’ve done. It’s important to be authentic and clear. That sets the stage. They know who I am and they know how I can help.

Then, immediately if possible, I focus on listening and really learning about them. I encourage them to speak and share. The more I know about them, the more I can tailor my response and choose the best tools from the toolkit for each person. When people know you’re genuinely interested and want to help, it puts them at ease.

Over time, as I continue to get to know my clients, I start to understand how their needs might change and develop. Something I learned from creating a blended family is that there is no time when everyone is in the same psychological place to hear something. So I always try to be aware of what’s going on in a client’s business and life so I can meet them where they’re at right now. I might have a great offering for them, but if they’re not ready, that’s okay. I work at their pace and keep reading the signs of who they are, what they need and what’s important to them.

I hope more women move into the field of financial advice because so many of us are naturally good at nurturing relationships. Many of us are also used to taking care of people and their families, and many of us pay very close attention to risk. That can serve clients and their nest eggs very well.

TD Wealth Private Investment Advice, a division of TD Waterhouse Canada Inc. which is a subsidiary of The Toronto-Dominion Bank.
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