Thinking of your current clients as prospects can help keep your business growing and maintain a high quality of service.
It’s much easier to get continued business from an existing client with whom you have a relationship than from a lead who doesn’t know you, says Keith Weber, a certified financial planner and president of Weber Consulting Group in Fort Collins, Colo. As well, gaining new business from existing clients will also keep your practice to a manageable number of accounts as it grows, which means clients are less likely to feel ignored and to seek out a new advisor.
Follow these tips to strengthen your relationship with current clients and increase your business:
1. Start out right
Be thorough when asking a new client questions during the discovery interview.
Most advisors focus on the immediate need of a new client, says Weber. Instead, dig a little deeper to find out other issues the client may have.
“When you uncover these additional needs,” Weber says, “you can then show the client how you can meet all of their needs and not just the specific issue they came in for. You’re going to get more of their business — there’s just no question about it.”
2. Create a communication strategy
In order to be considered a trusted advisor, you should be contacting clients at least 24 times a year, says Weber. You can communicate with clients either through newsletters, phone calls or meetings.
Whatever you do, he says, it’s important that you stay organized by using a system that tells you when the next newsletter should go out or when a certain client is due for a phone call.
3. Skip the sales talk
Every point of contact with a client doesn’t have to be about sales, Weber says.
Most of your communication with clients should be about investor education and relationship building. Once you have a strong relationship, the sales will follow.
4. Respect clients’ decisions
Be careful not to be too assertive when talking with clients about moving more of their business over to you.
Some clients will always feel more comfortable keeping some of their assets with a different company or advisor, Weber says. As a financial advisor, you should make client feel as comfortable as possible, so it’s important to respect that decision.
However, make it clear to your clients that in order to help them properly with their financial needs you must at least know about the other assets so they can be factored into their plans.
IE