In an initial conversation with a prospect, it isn't uncommon for a financial adviser to be asked, “Why should I work with you?”
As simple as that question is, many advisers are at a loss for anything unique to say.
Most of the advisers with whom I have worked, whether they are a broker, hybrid or registered investment adviser, say pretty much the same things: that their returns are superior or that they have top-tier customer service.
They tout their integrity or that they do thorough, holistic planning and help their clients create “financial security.”
And while each of these may be true, in actuality, the activities mentioned are what all advisers should be doing, and what all clients want.
The question, then, is: What else are you doing? And, how does this “else” or “extra” show up in your practice?
If your plan is to create a valued relationship with your clients, as well as a unique experience for them, what do you do differently to set yourself apart?
To start, you always have a leg up if a prospect comes to you via an introduction from a client who has recommended you enthusiastically. More than just, “You should see my adviser,” such introductions give you a chance to connect with the potential client intensely and personally.
What I am describing are the moments when a client explains to a friend or colleague that you are much more than an adviser — that you are a trusted friend and an integral part of the client's team, and someone that they absolutely have to meet.
Still, even that kind of high-powered introduction only gets the prospect in your door. What's next?
First, you must know your unique value proposition and share it with your clients and prospects.
Don't just recite it. Show them how you follow through on it.
Is concierge-level service integral to your practice? What does that look like?
To serve clients at the highest level, you and your team should get to know them and have a clear picture of their likes and dislikes. Let no detail go unnoticed.
Clients should be treated like family from the minute they enter your office. They should be greeted by name, and their favorite drink should be waiting for them in the conference room.
The key to making your clients and prospects feel appreciated, as people, not as pocketbooks, lies in paying attention.
PERSONALIZED SERVICE
Pay attention to their likes and preferences (drink of choice, restaurants they prefer, sporting teams they follow, special things they do with their families), and to special happenings in their lives (promotions, marriages, births, deaths). Then come up with initiatives that let them know that you are paying attention and that they matter to you and your team.
How do you find out these things about your clients?
Some will come up in normal conversation. Others require investigation.
This is where social media can be a tremendous benefit, providing a window into the lives of your clients. To maximize these efforts, put a strategy in place that incorporates the following:
Set up Google Alerts to monitor your top clients (at a minimum, your top 20). Appoint a member of your team to review these updates and identify opportunities to reach out.
Monitor the social-media profiles of select clients. Look for any special event or happening that would warrant popping a note or a small gift in the mail, or perhaps making a congratulatory phone call.
Systematize major client loyalty efforts to make them easier to implement. Have customized gifts on hand to send for major occasions. These could be promotions, births, condolences or get-well wishes. Get creative. Make a list (or have your staff make a list) of “reasons to reach out.” Indicate what you will do for each reason. Some ideas: Order a meal or dessert delivery during an illness; send a nicely packaged travel book for upcoming vacations.
Appoint a member of your team to be the “champion” for these efforts, ensuring they are completed in a timely and systematic manner. The opportunities are endless. Whatever initiatives you implement, make them unique and ensure that they are a genuine extension of yourself.
As a bonus, by showing your clients how special they are, you are sure to have a little fun along the way.
Kristin Andree, who can be reached at kristin@andreemedia .com, is president of Andree Media & Consulting.
