6. There’s always competition. In the pub, the owner of the practice is asked a question by a patron. Because he didn’t give a full, immediate answer, the patron said he would bring the problem to another vet.
The vet: Continuing the story, the vet agreed to see the animal at the farm, first thing in the morning. There are always alternatives.
The advisor: Regardless how much attention or inattention you give a client, there’s always another advisor trying to get the account away from you. You must make them feel important.
7. You need to engage with clients on their terms. James Herriot saves his job when a farmer bicycles up in the middle of the night because a cow is having problems birthing a calf. Without waking the owner of the practice, he goes out to attend to the problem. It saves his job.
The vet: It’s not a 9:00 to 5:00 job. The vet finds himself constantly on call.
The advisor: Yours is more of a 9:00 to 5:00 job, but you must be available for clients during normal business hours. If you are tied up, you need to get back to them quickly. There must be a procedure in place if the client has an order needing to be placed.
8. You must come across as professional. When people hire an expert, they expect them to look the part.
The vet: Maintaining a country practice means walking through mud and other unpleasant stuff. The vet and his assistant always arrive in suits and ties, although they bring heavy rubber boots too.
The advisor: Clothing makes a difference. It should be good quality, fit and be well maintained.
9. You must be seen as knowledgeable. Farmers know a thing or two, but they bring in the vet when they have exhausted their options.
The vet: In the series, the vets explain the technique they are about to use. They tell the farmer about new developments in medicine.
The advisor: Investing is difficult. Clients need to understand they aren’t merely paying for the execution of a trade, but for the understanding, research and experience that went into determining what to buy.
If you keep people happy, they will continue to be your clients. If you don’t put 100% in, they will take their business elsewhere.
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 can be found on Amazon.