By and large, professionals—financial advisors, accountants, and trusts and estates lawyers—are not inclined to reach out to their current or previous clients to identify opportunities where they can add value and thereby generate more revenues. Proficiency with tools such as the Whole Client model can readily correct this deficit.
Another obstacle for many professionals is not being comfortable calling clients or former clients. They see it as pitching business—it is—which is something they do not want to do. For many professionals, the belief is that if clients or former clients want something else, they will initiate contact. The complication is that only sporadically will clients and former clients take such action. Also, commonly, they do not know what possibilities are available to them.
Using high-quality thought leadership content is a proven, effective way to motivate clients and former clients to contact professionals. Although professionals following up can enhance the probability of success, the approach does not rely on professionals being extensively personally proactive.
Bottom line … financial advisors can dramatically improve the productivity of their practices by delivering greater value to clients. By going in this direction, financial advisors will also significantly profit. In effect, they will be picking their low-hanging fruit. Moreover, by helping accountants and trust/estate lawyers maximize their client and former client relationships (their low-hanging fruit), financial advisors can create pipelines of new clients for themselves.
Russ Alan Prince is president of R.A. Prince & Associates. Brett Van Bortel is director of consulting services for Invesco Consulting.