Doing business in today's world is complex as well as difficult as it demands continuous improvement and change in the management practices and processes so that not only competition is successfully met but company can also ensure its long term future. In doing so, a firm, whether small or large need to focus on some important elements of doing business including bettering its customer service focus as well as other related activities.
For business such as brokerage firm, it becomes more important that they should evolve and embarrass client centric approach because by building long term relationships, the firms can achieve the necessary breadth and focus on its customers to achieve strategic superiority but also gain necessary competitive advantage over their competition.
It is therefore very critical that the firms involved in business which requires different and potentially sensitive relationships with the clients, a client centric approach would be a viable and effective alternative to achieve the strategic objectives. However, such approach require a collaborative approach since engaging with the client from the initial stages of registering as a client to the process of conducting business through the brokerage firm requires a very focused strategy to develop effective relationships with the clients.
This paper would attempt to understand and analyze how the client centric approach would allow a brokerage firm to gain client assets/share of wallet. The focus of this paper will be two fold. First it would discuss what the client centric approach is and secondly its application on the brokerage business will be studied.
A brokerage firm acts as an intermediary between the buyer and the seller, t ...