The Advisor Who Sticks To Investment Products Only
We all find our own comfort zones. We stick to those products. Clients associate us with those products. Back in the days when telephones had dials and wires connecting the to the wall, clients would talk about their “stock guy” and “bond guy.” Today, you can help people in many ways. They might not know that.
New Year Resolution: Learn about several of the other product areas offered by your firm. This includes insurance and lending. Get licensed if necessary. Become an expert and know where to get technical support if you need it. Talk with your current clients about their activity and interest in that area.
New Year Resolution: Make a list of all the product areas where you are licensed. What are the many ways the firm can help clients? Is there an easy-to-read brochure telling the story? Have this conversation with clients at their annual review OR introduce one product area at a time during quarterly reviews.
The Advisor Bringing Their Child Into The Business
Many advisors consider their book “the family business.” They make a great living, but do not want to work forever. They look for ways to bring the next generation up to speed so they can step away one day.
New Year Resolution: Consider your adult child as similar to a new, younger advisor you have added to the team. Assign them responsibilities across the range of activities. This includes prospecting and it must be taken seriously. You do not want the other team members to think your child is entitled. You had to build your practice on your own! Bring them up through the ranks.
New Year Resolution: Include your experienced, licensed offspring in annual review meetings with clients. Introduce them as the next generation. They will sit quietly, paying attention. Your client will “get it” especially if they have a “Name & Son” business themselves. Over time, they will speak more and more. Eventually, they become the primary contact.
The Advisor With Many, Many Clients
These advisors still exist. Agents in the insurance business might find this scenario more common. When investments are involved, things can get complicated. Bear in mind, if a client is listed under your production number, they do not get attention and something blows up, it is your problem.
New Year Resolution: Find a good training program teaching how to thin out your book. Evaluate each client relationship. What is the future potential? Are they getting attention? What does that mean? Find another advisor in the office and (with management permission) turn over those smaller accounts. Hopefully you can do this with a 50/50 split on fees. The logic is 50% of something is better than 100% of nothing. After two years, the account is completely theirs.
New Year Resolution: Bring on a new team member. Give them those smaller accounts. They are still “under your team number” but their job is to prospect them, similar to a warm lead. You are always available if the client needs to talk with you.
The Advisor Who Only Knows Clients Over The Phone
When I was in production, I had clients who I had only ever met once. They came into the office, possibly to confirm there really was an office! The relationship was now over the phone for years.
New Year Resolution: Build a list of your clients. You can sort several ways. During the first quarter, try to have as many of your annual reviews face to face, in person as you can. Video calls are a last resort. This can be in your office, their office or their home. Try to include their spouse if they are on joint accounts.
New Year Resolution: Plan a client appreciation brunch at a local restaurant. Book a bigger room than you need. Ask each client to bring a guest. This should be “someone you think I should know” or “someone you think I can help.” Thank your clients for their business. Tell your story of the many ways you help people. Try to meet everyone individually.
These are all resolutions for building business. Which one(s) is right for you?
Bryce Sanders is president of Perceptive Business Solutions Inc. He provides HNW client acquisition training for the financial services industry. His book Captivating the Wealthy Investor is available on Amazon.