With more than three decades in the financial services industry, Bob Collins, Managing Director and CEO, of Collins Investment Group (CIG) is known for integrity and insightful, personalized investment advice. His most recent recognition came this year, being nominated and ranked in Forbes Top 250 Wealth Advisors and #7 in Maryland on the Forbes Best-in-State Wealth Advisors list.
Tell me about your team.
My team is the foundation of CIG. We have a great environment, and a great office set up, but more important is mentoring and providing an opportunity to grow and advance their career and develop long-term relationships with our clients. If they want to grow from a sales associate to a financial advisor, they have opportunities to do that. My team’s chief operating officer is an example. That role wasn’t there when they joined many years ago. She developed into that role and now she has been on my team over 20 years and she basically runs the company for me.
How do you develop client relationships?
I believe the best way to really get clients to open up is to spend a lot of time with them. Before Covid, this was mainly at a kitchen table, office or restaurant. During the Covid pandemic, we have had to shift to phone calls and Zoom meetings. We put a tremendous amount of time into client relationships. For prospects, we want to make sure it’s a good fit so we take our time to get to know them. From my experience, they don’t generally disclose everything on the first meeting. During the second meeting, once they see our approach/philosophy and the hours of work we already put in, we want that prospect to be blown away by what they see. Usually, by the third meeting the prospect wants to become a client.
How do you keep clients through the years?
We develop generational relationships. Clients want us to educate their kids on how they built their wealth and how we will continue to do it for them. We want to be brought up at Thanksgiving and other family gatherings so they know Collins Investment Group and the people on my team. We tend to have a loyal client base and maintain long-term relationships. When they do ultimately pass on, those heirs already know who we are. In order to be a successful advisor, you’ve got to do well for clients.
How do you keep clients encouraged during down markets?
I got into the business in 1982. My first bad market experience was the 1987 crash. It dropped over 22 percent in one day. I had to tell my clients, “Stay the course.” I’ve gone through other big situations including the 08-09 financial crisis. Many clients realized that (despite these down markets) they didn’t have to change their lifestyle and that our investment strategy can work in tough environments. In the sell-off last March and April, our clients didn’t panic because they knew they would get through it. Quality investments tend to be resilient. I believe that our clients feel confident despite the nightmare out their window.
Disclaimer: The opinions expressed in this report are those of the author(s) and are not necessarily those of Wells Fargo Advisors Financial Network or its affiliates. The material has been prepared or is distributed solely for information purposes and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy.
The Forbes America’s Top Wealth Advisors ranking algorithm is based on industry experience, interviews, compliance records, assets under management, revenue and other criteria by SHOOK Research, LLC, which does not receive compensation from the advisors or their firms in exchange for placement on a ranking. Investment performance is not a criterion.
Investment products and services are offered through Wells Fargo Advisors Financial Network, LLC (WFAFN). Collins Investment Group is a separate entity from WFAFN.