“Coach’s Forum” is a place in which you can ask your questions, tell your stories or give your opinions on any aspect of practice management. For each column, George selects the most interesting and relevant comments from readers and offers his advice. Our objective is to build a community of financial advisors with a common interest in making their practices as effective as possible.

> Surveys As Marketing Tools

Advisor: Irecently attended the national conference of a major charitable organization with which I am very much involved. The conference was splendid in many ways, but one thing that really struck me was the amount of time and discussion that revolved around the same things you were talking about in a recent IE:TV segment: having a vision, being able to tell others about that vision, focusing on your vision, and so on. It seems that what works in business works in other important aspects of life as well.

On another note, I’ve been planning on sending out a client survey for some time. I sent one out two years ago, and I want to follow up on it. The last time I did this, I let everyone know the results of the survey (which were positive overall) and it seemed to lead to some deeper discussions with clients. Here is a draft of what I was thinking of sending. What do you think?

Coach says: Glad to hear of the popular similarity between the business and charitable worlds, in terms of vision. As I said in the IE:TV broadcast, vision establishes the foundation and direction for everything else you do.

I am also a big believer in client surveys and I encourage you to do another one at this time, when so many investors aren’t sure of their feelings. This can be an excellent way to get them to open up to you about the strength of your relationship — even more than they have already. You also may well find that your clients’ needs and interests have changed since your last survey.

My only suggestion for your survey itself comes from the perspective of marketing. I believe every client contact presents a marketing opportunity. Notice I said “marketing” — not “sales.”

As I have noted in previous columns, we don’t want clients to feel sales pressure every time they hear from you; however, you can and should use each interaction to build on the profile you already have and further strengthen your relationship, which will improve the likelihood of obtaining referrals and opening up additional business opportunities.

In that regard, why not add a couple of questions to your survey that will position you to have a conversation with your clients on the topic of introductions or referrals the next time you speak or visit? The questions I’d recommend are:

> If someone asks you for a reference to a good financial advisor, would you be willing to give them my name?

> If someone asks me for a reference from one of my clients, would it be all right for me to offer them your name?

We would hope all of your top clients, at least, will say yes to the first question. If not, you need to probe as to why. Most clients should agree to the second question as well.

When you report these positive survey results back to your clients, knowing that most other clients would agree to giving introductions/referrals will ease people’s minds about doing so themselves.

When you are together with a client at some point following completion of the survey and want to move from the survey results to the referral conversation, you can bring this topic up by saying something like: “In our recent survey, we asked whether our clients would be willing to introduce us to others or to act as references. I am happy to say that almost everyone indicated they were more than comfortable doing so.”

If your survey included individual client identities, you could go on to restate that client’s responses. If these were positive, be sure to thank him or her for the expression of confidence.

If the survey was anonymous or identification was optional and you do not know the specific client’s response, you could say: “Because the survey was anonymous (or identification was optional), I am not sure exactly how you responded; however, I am happy to say that almost everyone indicated they were more than comfortable doing so.”

@page_break@At this point, many “anonymous” clients will tell you how they had responded. Assuming you do not get a negative reaction, you can continue by saying: “Based on the high level of confidence our clients have expressed in us, we have decided to expand our practice by taking on a small number of new clients if they are people who are referred to us by existing clients.

“On that basis, given your personal level of comfort in recommending us, does anyone come to mind whom you feel we might be able to help in a similar fashion to the way we have worked with you? I do not expect you to divulge or even know the details of their financial situation, other than the fact that we might be able to help them achieve greater peace of mind financially.”

Wait for a response. If no names are offered, continue as follows: “Let me describe the type of person with whom we seem to do our best work…”

Now describe your ideal client. If appropriate, say: “They would be very much like you in age, marital status, occupation, attitudes, values, and so on.

“They may even have expressed concern about their financial situation in light of what has recently occurred in the financial markets, either because they are uncertain about what to do next or because they do not have someone they trust to whom they can turn for advice. Does anyone pop up who comes close to that description? A family member? A friend? A business associate?”

Wait for a response. If no names are offered, do not lead the client to feeling pressured. Provide a “way out” by saying: “That’s not a problem. I know this isn’t something you think about every day. Chances are, however, that at some point in the next while, you will think of someone you feel we could help. If you do, I would very much appreciate a call from you.

“As I mentioned, we have room for only a few, select new clients, and our experience in the past is that the people with whom we seem to work best have come to us through introductions by existing clients. Is it OK with you if we leave it at that?”

Good luck with your survey and with making your vision the cornerstone for your business-building strategy.



> How To Get Responses To Emails

Advisor: In a recent column [July 2009], you provided some excellent ideas on how to deal with the increasing volume of email we all have to manage daily. How about the other side of the problem? How do I get people to read or respond to emails I send to them?

Coach says: In an effort to be efficient, we are all guilty of quickly skimming or deleting a message we don’t sense is immediately important.

Here are a few ways to reduce the probability that will happen with your messages:

> Make the “subject” line compelling. Instead of simply typing “Information Update,” try something like “Three things we must look at this week.”

> Set expectations at the beginning of the message, such as: “Hi, John. I am hoping to get your opinion on this no later than noon tomorrow.”

> Be specific. Replace “This is important” with “This could mean a difference of $100,000 to your portfolio.”

> Use bullet points. Concise ideas suggest easier reading than long sentences or paragraphs.

> Make your case the first time. Don’t repeat what you’ve already said or add redundant remarks such as “So, as you can see…”

> Keep it short. Many people read their email on a BlackBerry or iPhone; just a few sentences can look like Homer’s Odyssey on a three-inch screen.

> Request an automated “delivery” or “message read” receipt. Even though the recipient has the option to decline sending the receipt, few people would be willing to admit they simply ignored your message.



> Forget The Free Toasters

Advisor: I am thinking of offering clients an incentive for referrals, such as a gift certificate. What’s your opinion?

Coach says: I see nothing wrong with recognizing a quality introduction or referral with some sort of gift, but only after that introduction or referral has been freely given.

Offering an incentive as the motivation puts you in the “Free toaster with every new account” category, and that’s not likely to be perceived as professional conduct in our industry, in which personal relationships — not products — are paramount. IE

George Hartman is president and CEO of Market Logics Inc. and a senior coach and facilitator with the Covenant Group. Send questions, comments and opinions on any aspect of practice management to george@marketlogics.ca.