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OPINION

Fiduciary Care Leaves an Indelible Mark: Turns Customers into Loyal Patrons

Fiduciary Care Leaves an Indelible Mark: Turns Customers into Loyal Patrons
The Siliconreview
12 October, 2021

“While the fiduciary agent abides by the legal requirements placed on them by their profession, they also treat all of their clients with great fiduciary care.”

A positive consumer-business relationship is contagious. Businesses, usually big corporations, run larger-than-life marketing campaigns to reach out to consumers in the most suitable manner. Grabbing consumer attention is their sole purpose and it has to be that way. Converting prospects into customers is what these campaigns target, and most of the time, they work — for the greater good. In the process of running a successful marketing campaign, businesses end up building a positive relationship with consumers. However, these consumers won’t be loyal unless they are treated with fiduciary care. Amazon, for example, runs a successful campaign targeting a particular audience, selling a particular service or product. There’s a possibility that the product that the company sold to the mass audience has failed to meet their expectation. In this case, the consumers would need the company’s support. This is where the company has to stand up and build a loyal customer base.

No doubt, almost every established brand invests a huge amount of capital advertising about their products and services, yet a few leave a considerable mark. Not every business appeals to the mass audience and builds a solid relationship with their consumers, in other words. The reason behind this is clear and speaks volumes about how a company treats their consumers: Fiduciary care. Turning a customer into a loyal patron is a game-changer for any organization of any size. 

An organization’s understanding of fulfilling fiduciary obligations is what makes a real difference. Gary Keller in his ‘The Millionaire Real Estate Agent’ book vividly states, “For the very best real estate agents there is a level of service they provide that goes beyond even their purpose and value proposition. It is the commitment they make to the buyer and seller to act as a true fiduciary—to place their client’s interests ahead of the interests of all others. Even their own. This commitment to fiduciary service seems, in our observations, to go way beyond the technical issues of agency representation. While the fiduciary agent abides by the legal requirements placed on them by their profession, they also treat all of their clients with great fiduciary care.”

Simply put, a fiduciary can easily do functionary work, but a functionary cannot easily do fiduciary work. When a corporation spends a lot of cash building a solid customer base, it should not shy away from treating customers with much-needed fiduciary care.

Recently, I spoke to Dean Harrington who serves as the Chief Executive Officer of Shamrock Home Loans. While speaking about his team’s unique selling trait, Mr. Harrington asserted that fiduciary care as opposed to functionary one stands out and leaves a positive mark.

“At Shamrock, we believe that everyone deserves to live in a home they love but they don’t always know how to make that dream a reality. All our loan officers and staff are hyper-focused on helping their clients achieve this dream. From not getting offers accepted to having to navigate poor credit, there are many challenges that clients face along their home-buying journey.”

The quotes mentioned in this piece were extracted from the said book and the conversation the CEO had with The Silicon Review.