It never hurts to look for new ways to improve client relationships. It also is very important to start getting to know your clients’ kids and grandkids.  

To be successful now, advisors need to build strong relationships with their clients. To be successful in the future, advisors should also be cultivating strong relationships with clients’ children and grandchildren.

Kathleen Johnson, a vice president of practice management at Pershing, spoke at the Cantella annual conference on how to “Enhance Client Discovery” and on “How Advisors Can Capitalize on a $30 Trillion Wealth Transfer Over The Next 30 Years.”  What follows is some of the advice she shared.

When Working With All Clients

It is important to build trust-based relationships, according to Johnson. To do that, advisors have to make time for their clients. That is the opposite of the call-center mentality, where the phone rep is practically trying to get off the phone as soon as the call starts.

Pershing has found that almost all of the fastest-growing advisors understand the needs of their clients, Johnson said. The company recommends advisors use that a more personal approach when dealing with clients, with questions that reflect values, concerns and actions.

Johnson elaborated on these three key factors:

•    Values – What is important to clients?
•    Concerns – What are their worries for their future?
•    Actions – What tactical steps have they taken?

It is critical to understand all the clients’ financial goals, including investments, retirement planning, estate planning, protection insurance, liabilities/debt and education planning, she said.

When advisors have all this information, they can tailor solutions. As an advisor goes from the discovery phase to the actual implementation of advice with a client, there is one key thing for them to keep in mind: People will always remember how you make them feel.

Getting To Know The Next Generation

To capitalize on wealth transfer, advisors must create a strategic plan for their clients’ children and grandchildren, Johnson said. They must also engage their clients with strong personal relationships.  

When working with the next generation, start with family planning. Build credibility and earn trust.  

Johnson offered ideas for events that advisors could organize to bring generations together:

•    Morning family movie targeted at children and grandchildren.
•    State park travel seminars with state park rangers.
•    Lunch celebrating graduating seniors.
•    College freshman farewell event.
•    Multigenerational bowling event.
•    Monthly welcome reception for new client families.
•    Monthly birthday celebration for all clients and their families
•    Financial literacy seminars for clients’ children and grandchildren who are 18 and under.
•    Family community service. These can include putting up holiday decorations for a senior center; playground restoration; Green projects, such as beautifying a neglected waterway; and delivering meals to the needy.

Johnson also said hiring professionals to create video life stories and family photo albums also help bring together family generations.
 
What Cantella Is Seeing
“We find that the younger generation feels most valued when they receive a combination of quick response times to inquiries via electronic communication, coupled with personalized service and experiences.  They are demanding in terms of timely answers, but also welcome you into their lives socially, which is why the entire experience is critical when working with successful younger clients.” Jim Freeman, national sales manager at Cantella & Co.

Mike Byrnes is a national speaker and owner of Byrnes Consulting, LLC. His firm provides consulting services to help advisors become even more successful. Need help with business planning, marketing strategy, business development, client service and management effectiveness? Read more at ByrnesConsulting.com and follow @ByrnesConsultin.