Warm regards,
In the second type of letter, the tone is somewhat different, and you'll also request a personal meeting. This brief communiqué could look something like this:
Dear JoAnn and Tom,
As the result of examining how we can be of the utmost service and value to our ideal clients, we are excited to announce that we have made some important changes to our business that will positively affect you. Enclosed is our Ideal Client Profile, which will give you a sense of the kind of client who benefits most from working with us. We believe you may be that person. Please contact our office, either by calling 973-4520 or e-mailing us at [email protected], to schedule an appointment to discuss what great new effect this will have on you.
Warm regards,
Straightforward, yes? A little too direct for you? I can just imagine that some readers will be nervous about including criteria in a letter-Will my clients be offended? What if someone disqualifies himself or herself needlessly? Perhaps I can allay your fears by pointing out the following:
1. It's highly unlikely that anybody you would really want as a client would be offended by the truth. I realize things have been tough lately, and you may very well still be in survival mode, but take a breath. Think about this for a moment. Anyone who would feel put off by such a description either doesn't fit it or gets riled up over nothing. In either case, this is not a person you want as a client. The ones who fit the profile will feel special and be excited to work with someone who specializes in people like them.
2. It's more likely that a desirable client will ask you for clarification or else make a change to meet your criteria. A number of advisors have told me that when they shared their Ideal Client Profiles with people, some clients simply asked what they had to do to bring themselves up to snuff. Some brought their assets from other places in order to keep working with the advisor. Some have even been willing to write checks for the difference. For example, one advisor might say that a person's account must yield $8,000 per year to the advisor, and one person is close-let's say the account yields $7,000 a year-then that person could elect to simply pay the additional $1,000 outright. (I acknowledge that some people reading this article do not have that latitude due to licensing or company restrictions, but most financial advisors do have the ability to adjust the percentage that clients pay them based on their assets.)
It's All About Them
You should find that sorting through your existing client base goes smoothly as long as you remember that you are doing it for the good of everyone concerned: The ideal clients benefit because they will be getting improved service from you, and those who are let go will be free to pursue a relationship with a financial advisor who will regard them as ideal clients. Remember, it's all about them. Use the sample letters recommended here as a way to ease into the conversation of how and why things will change, and it should also work out to your benefit, too.
© 2003 by Bill Bachrach, Bachrach & Associates Inc. All rights reserved. Bill Bachrach is the author of four industry-specific books. For more information, visit www.bachrachvbs.com.