It’s critically important to provide your clients with exemplary value. Providing excellent results — and an outstanding experience on the way to getting those results — is increasingly the price of admission to deal with today’s knowledgeable, demanding clients.

But there’s a third element that gets clients to that nirvana of absolute satisfaction, that gets them to overlook the inevitable speed bumps that we all hit occasionally, that makes them advocates and apostles who want to introduce us to their friends: having a truly deep, rock-solid relationship.

There are many elements that go into a great relationship. Three central issues often come up in our research with clients:

> Does the client like dealing with the advisor?

> Is there real empathy between the client and the advisor?

> Does the advisor truly seem to listen?

But there are at least two other elements to a deep relationship you need to think about:

> Do you make your clients feel special, like a particularly valued client? Do you make your best clients feel like your best clients?

> Do clients feel that you truly care about their successes, beyond the revenue you generate from the business you do together?

Now, I know that most advisors care about their clients beyond the income they generate from them — you wouldn’t be here otherwise. Caring isn’t usually the problem. The problem is that in a remarkable number of cases, advisors haven’t let clients know that they care beyond the money they make.

Just saying that you care isn’t enough — talk is cheap. You have to show you care, and you have to show you care in a way that’s clear and evident to your clients.

A common problem is having a commercial tone to all of your interactions.

Here is just one example. I spoke at a conference on the topic of referrals, and after my talk an advisor asked me about an idea he was considering using to get referrals. His notion was to invite his clients and their spouses to a “thank-you dinner” at the best restaurant in town, and to tell those clients that the only price of admission was that they bring another couple.

My answer was very simple. Based on the clients I’ve interviewed, this might be a good way to get referrals. But from your clients’ point of view, as soon as there’s a condition that they bring friends along, it’s no longer seen as appreciation; it’s viewed as business generation on your part.

Along the same lines, I’ve had advisors ask me about inviting clients to an evening “client appreciation” event at which there would be a speaker on a topic such as investment opportunities in China. My response is the same: as soon as there is even a hint of self-interest and revenue generation on your part, many clients no longer see it as appreciation; they see it as business development.

That doesn’t mean it’s not worth doing these kinds of events. They can be educational and generate goodwill. But you have to be clear on what your objective is and be consistent.

So, the first key to having clients feel that you truly care beyond the revenue you generate is to do something periodically that very clearly has nothing in it for you, something that is absolutely devoid of self-interest.

The second key is to do things that stand out and are unexpected. Imagine if in my mail today, there’s a letter from my lawyer. I open it up and there’s a note that says, “Dear Dan: Attached is a copy of our most recent newsletter. Hope you find it of interest.”

Now, depending on the contents, I might find it of value and of interest. But am I going to say, “Wow, what a great guy my lawyer is. Am I ever glad I deal with him”?

I don’t think so, for two reasons. First, because newsletters are in the mainstream of things that clients have come to expect. And, second, because I know that he’s sent this newsletter to all of his clients, I know I’m not being singled out for special treatment.

That doesn’t mean that a newsletter isn’t a good idea; it keeps your name top of mind, sends a positive signal about your commitment to client communication and education, and may even generate some revenue. Just don’t expect newsletters to build deep relationships.

@page_break@Suppose I opened up that envelope and, instead of a newsletter, there was a note from my lawyer saying: “Dan: When we chatted last time, you mentioned that you were looking at renegotiating your line of credit with your bank. I thought that you might find this article, ‘Five things to know when dealing with your banker’ of interest.”

Now, my response would be very different, for two reasons: first, because that article isn’t something I expected; and, second, because it felt very personal.

Bottom line, there are three qualities of really effective relationship-building activity: there can’t be anything in it for you, in terms of revenue generation; it has to be unexpected; and it has to be personal.

So, let me give you some examples of activities that work to let clients know you care. One successful advisor calls his top clients once a year and says, “An anniversary is coming up. Next month will be the third anniversary of our beginning to work together. Not only are you one of my best clients, but you’re one of my favourite clients. I’d like to schedule a time to take you out to lunch, just to say ‘Thank you’.” His experience is that this is one of the most powerful things he does to cement his relationship with top clients.

Another advisor rents a second parking space in his building for clients. When his assistant calls to confirm the appointment, she says, “By the way, when you come into our parking lot, look for the reserved space for our clients.” And when the client pulls into that spot, what does he or she see? A sign that says “Reserved for Dan Richards” or whoever the client happens to be.

What’s interesting is that what really creates the “wow” factor, what lets clients know that the advisor values the relationship, isn’t the fact that there’s a parking spot for clients, because every client can take advantage of that. It’s that someone took the time to make a sign and put it up, to let them know that they really are special.

Dodee Frost Crockett is a multimillion-dollar producer with Merrill Lynch & Co. Inc. in Dallas. She says to all new clients: “I was born in Dallas, I’ve lived here all of my life. So, if you ever need help on anything, I don’t care what it is, I want you to call me — even if it has nothing to do with your money. I don’t care. If you need help, call me.” She has received calls from clients because their kids wanted to go to Harvard University and needed a letter of recommendation from a Harvard graduate; they asked if she knew anyone.

She has also had calls from clients calling in a panic because their daughter was getting married the next day — a wedding to which Dodee was invited — and the photographer had broken his leg falling down a flight of stairs.Could Dodee help?

One Tuesday morning, Dodee received a call from a client in his 70s. “Dodee,” he said, “it’s Phil here. Listen, I’m calling because I just got back from my doctor’s. I’ve been diagnosed with cancer and I’ve been told I need an operation next week. Now, I was told that I was free to get a second opinion, so my wife Dot says to me, ‘Dodee always says to call if we need help.’ So, I’m calling on the outside chance you may be able to help me here.”

Dodee’s response: “Phil, hang tight. I’ll see what I can do.” She then called one of her clients, a doctor at the medical school at Southern Methodist University in Dallas. She was told he’s in a meeting, but Dodee said to his assistant: “Tell him that it’s his broker, and it’s important.”

When he got on the line, Dodee said, “Bill, I’m sorry to interrupt, but I have a client with a problem and you know how I am with my clients.” She explained the situation and then asked, “ If this was your dad, who would you have him see?”

Her doctor-client replied: “That’s easy, Don Williams down the hall is far and away the best guy in the city for this kind of thing.”

“But what are the chances of him getting in?” Dodee asked. “It’s Tuesday and he has to see someone this week.”

He replied, “Look, I play golf with Don every Wednesday afternoon. Leave it with me. I’ll get back to you.” An hour later he called back: “Your client has an appointment at 5 o’clock Thursday.”

As it happens, Phil did need the operation and Dr. Williams ended up performing the surgery himself. The good news is that the tumor was benign and Dodee’s client had a speedy recovery.

End of story, right? Well, not really. Now Dodee has a client who is absolutely convinced that his broker absolutely cares. In fact, she almost saved his life, and he has made it his life’s mission to tell everyone he knows about what a terrific broker he has. In fact, at one point Dodee had to call him and say, “Phil, I really appreciate all your referrals, but I’m having trouble keeping up, I wonder if you could lay off just for a week or two.”

That’s the power of building truly deep relationships. So, as you think of your interactions with clients, by all means focus the bulk of them on delivering value around their investments and financial situation. But consider setting aside an hour each week to do things that go beyond your clients’ finances. That hour may be the one that ultimately gives you the highest return. IE



Dan Richards, president of Toronto-
based Strategic Imperatives Ltd., can be reached at richards@getkeepclients.com.
For other columns in this series or for Dan’s video interviews and twice-weekly blog, visit www.investmentexecutive.com.