5 things advisors don’t say to their clients — but shouldArticle added by Michael Goldberg on March 12, 2013
Michael Goldberg

Michael Goldberg

Jackson, NJ

Joined: August 21, 2010

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You’ll absolutely do more business by having a system for staying in better touch with your clients. More importantly, by reaching out to clients on a more regular basis, you could establish a great relationship.

Most advisors don’t even talk to their clients unless they have to — unless it’s time to renew something, up-sell something or be referred to someone for something. It’s always something.

It’s no wonder the number one reason clients jump from one advisor to another is because they don’t hear from their advisor enough. Your clients are looking for something, too. Clients want to know that their advisors are looking out for their best interests and keeping them informed about what’s going on and what should be going on. This is especially true when Dow and Nasdaq are doing crazy things and political parties are rocking the economic boat. Your clients (and even your prospects) need to hear from you now more than ever.

Maybe you’re afraid you might scare your clients away or appear too needy and overbearing. If you’re coming from a place of service, integrity, rapport and mutual benefit, then you have nothing to fear. And if you lose a client despite this, believe me, it’s a good thing.

By not having a process for reaching out to your clients regularly (many advisors don’t reconnect with their clients at all), you leave opportunity on the table every day. I mean every day. What types of opportunity? The opportunity to retain them as clients. The opportunity to do more business. The opportunity to generate more referrals, answer more questions, present more solutions, build more rapport, learn more and teach more. The opportunity to get to know your clients better and help them in ways beyond the scope of a financial advisor. The opportunity to make a friend and have more fun.

So the question is: How? How do you reach out to your clients? Here are five suggestions you can implement immediately that should handle most scenarios.

Reconnect with a client after a long period of time

“Hello Paul! It’s Michael. I hope all is well. It’s been way too long since we’ve spoken. Listen, I have to apologize for not doing a better job staying in touch. I’m making a concerted effort to get to know my clients better and connect more often. I always thought you were a nice guy, and it would be great to get together over the next couple of weeks and catch up. It would be a good opportunity to get to know each other better and see how we might help one another.”
Update a client on the market, products or other business

“Hello, Paul! It’s Michael. I hope all is well. I was just working on an account for another client and her situation reminded me of you. I would love to get together and discuss your long-term care coverage and some other ideas that might be very beneficial to you and your family. It may even save you a few bucks. It would also give us the opportunity to catch up."

Provide business reasons

“Hello Paul! It’s Michael. I hope all is well. What do your next couple of weeks look like? I have an idea. I know that we can be tremendous resources for each another. I would love to get together as two business owners and explore how we might refer business to one another. The opportunities could be endless. How does that sound?” (If your client is not in business, simply explore how you might help one another as it relates to work or career.)

Do it for the fun of it

“Hello Paul! It’s Michael. I hope all is well. How would you like to grab a Mets game before the season is completely out of reach? It would give us an opportunity to blow off some steam while getting to know each other better.” (This could also be dinner, breakfast, golf, etc.)

Do it for no particular reason at all

“Hello Paul! It’s Michael. I hope all is well. I’m calling just to check in and see how you’re doing. How’s your family? Business? Golf game? How have you been spending your summer? Any big news? Moving forward, are there opportunities you might see as how we might help one another in our respective businesses?”

What would happen in your practice if you made one phone call a day with the above in mind? Better question — what would happen if you don’t?

If you’re an experienced advisor, then you have a book of business and can touch base with your clients regularly. If you’re a new advisor, simply apply the approaches above to your natural market and those you already know.

Keep in mind that as time goes by, your clients and their families are experiencing the circle of life, just like you. There’s always an engagement, a marriage, a divorce, a kid going away to school, a sickness, a death, a birth, a job loss, a job offer, a sale, a purchase, a new venture and beyond. As an advisor, you can and should be a resource through any and all of what life offers your clients.

Yes, you’ll absolutely do more business by having a system for staying in better touch with your clients. More importantly, by reaching out to clients on a more regular basis, you could establish a great relationship. Now that would be great opportunity, wouldn’t it?
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