By Sara Gilbert
“People will forget what you said, people will forget what you did, but people will never forget how you made them feel.” – Maya Angelou
The saying goes that it’s a lot easier to keep a client than to find a new one. But, retaining them isn’t all that easy either. Sometimes they leave in spite of our best efforts. As research demonstrates, there are many reasons clients leave their advisors:
- 68% leave for no particular reason according to a Rockefeller Foundation study
- 62% feel that their wealth manager doesn’t demonstrate empathy as reported by SEI
- 73% say that the most common reason is failure to return phone calls in a timely manner says Spectrum
In reality, it really isn’t all that mysterious: a merely satisfied client might leave, but not your engaged clients. Accordingly, aim for engaged clients who will become advocates for your practice and turn to you as their trusted ally in building and safeguarding their assets.
How do you get clients engaged? Start by showing that you care about them beyond their investments and that you value your relationship with them and their family. There are numerous ways to show your clients you appreciate them including: portfolio reviews, birthday cards, client events and networking events etc.
Good portfolio returns, multi-disciplinary teams or a wide range of services will give you satisfied clients. But, show them you care and they will transform from satisfied to completely engaged and loyal. Here are a few ideas to get you started:
- Send thank you notes after a meeting
- Ask how the family is doing
- Ask what’s on their mind and discuss other topics or concerns they may have
- Truly listen (HBR blog)
- Take the time to explain in a vocabulary that the client understands
- Show appreciation
- Thank them for being committed clients
Clients place more value on having bad news explained to them than they do on hearing that their portfolio is outperforming. It’s time to slow down, listen, explain and say thank you.
A little appreciation is all it takes to engage clients and is the difference between a short-term client and a life-long relationship.
It is always a great pleasure to read your comments. You can reach me directly at Sara.Gilbert@Strategist.cc and follow us on LinkedIn.
Sara Gilbert is a business consultant, speaker and is founder of Strategist Business Development. She provides coaching for financial advisors to help them find success in key business development areas including: market positioning, marketing and communications, team management and client experience enhancement.