Too few advisors do this because when they hear about a concern they assume they have failed.
However, healthy practices harvest concerns. Advisors know that if they pursue these concerns, it shows they care. If problems are identified early, they can be solved more easily, before they become client-killers. Even if clients don’t have any issues, they feel respected and valued when you ask.
Here are three guidelines on harvesting concerns:
1. Ask In Person: Harvest concerns in person or on the phone—at the tail end of a conversation, which tends to work best as a productive capstone.
2. Operate From A Place Of Humility: Don’t operate from a presumption of “Aren’t we awesome?” and “We want to become awesomer.” We aren’t fishing for compliments; we are checking for concerns so that we can fix them.
3. Keep It Simple And Brief: Construct a simple sentence that directly asks the question. For example, “Is there anything that you were dissatisfied with or where we simply could have done better?”
For the great majority of financial advisors, keeping their top clients is essential to the ongoing success of their practices. But a substantial number of advisors are not taking the actions needed to ensure their anchor clients stay with them.
By identifying and effectively communicating with these clients, advisors can ensure the foundations of their practices remain in place.
Russ Alan Prince is president of R.A. Prince & Associates.