I read with interest an article entitled 'Your Advisor Does What For You?' It appeared in a recent Wall Street Journal Weekend Investor edition. The point of the article was that above-and-beyond-the-call-of-duty service enhances relationships with clients and further justifies the fees advisors charge.
Some of the unusual, added-value perks mentioned were helping clients negotiate deals for new cars, obtaining financial-aid forms and helping clients and their college bound children fill them out, helping clients move, accompanying elderly clients on cruises, accompanying clients on house hunting trips and even organizing movie nights. It's tempting, on the one hand, to dismiss such activities out of hand. On the other hand, something Seth Godin said came to my mind as I read the article.
Godin said that clients have two sets of expectations. He's right. In our industry, one expectation is proper investment results. Clients expect you to help them hit their goals. In addition, clients expect you to care. They don't merely want you to care or hope that you care. They expect you to care. The key, says Godin, is to care more than people expect you to care. Helping clients videotape their possessions and turning those videos into a DVD for safekeeping says very clearly that you really care. That's where referrals are born. Referrals come from the Inner Circle and that's where you must live. There is no directory listing great financial advisors. People who want an advisor have to ask their friends and associates. That's precisely why you need brand ambassadors going to bat for you.
Most people today are too busy doing their own thing to care about anybody but themselves. Accordingly, service has suffered to the point that when we get bad service, we are not the least bit surprised. When someone merely does their job the way they are supposed to, we want to write the boss a letter saying how great they are. This presents a great opening for you. Show people how much you care. Provide great service. Great service sticks out like a sore thumb. Caring has become scarce. The scarcity of anything is what makes it valuable. If your clients know that you care more than any other advisor could possibly care, you are well on your way to making yourself irreplaceable. That's precisely how you protect your franchise. Brian, an advisor in Tempe, Ariz., tells every client to call him for everything. He tells him that he wants to be their Google. In doing so, he is making himself essential.
Let me suggest a starting point for you to make yourself irreplaceable. Sit down right now and write every client who has stuck with you since 2008 a hand-written thank you note and send it in an envelope with a hand-written address and a stamp. One of the greatest desires on earth is to be appreciated. Demonstrate your appreciation. To you a thank you note may seem a simple act. To the person receiving that note, it's huge. Care more than they expect you to care.