| |
by Matt Oechsli
|
St. Louis: "It seems as though every one of
our clients is currently taking money out of their college savings
plan," said Louise, adding, "I haven't had a spare minute to do any
rainmaking this past week."
What a coincidence. Parents are shipping their children back off
to college; the institutions of higher learning are experiencing
unprecedented budget cuts; and affluent families are dipping into their
529 plans more than usual.
Louise, a multi-million dollar producer, was sharing her frustrations
with Stephen, her performance coach. What seemed like a fleeting moment
of venting became a high-impact coaching opportunity. Stephen had Louise
and her team focused on both attracting new affluent clients
(rainmaking) and strengthening the loyalty of their current affluent
clients (it's virtually impossible to be a rainmaker with dissatisfied
affluent clients), but the team had gotten off track. Everyone was
scrambling with the clerical task of getting funds distributed properly
to clients.
Negative energy is never a good thing; we are always vulnerable
to it. Even big producers and effective team leaders get pulled off
track at times. Until this hiccup, Stephen had Louise and her entire
team focused on activating their "strategic intent" antenna in every
affluent client interaction. Their objective was twofold:
- Uncover something personal that would "surprise and delight" the
client.
- Source the name of a colleague, friend, or extended family member
who could follow-up with and orchestrate a personal introduction.
Things were moving along well until the flurry of college funding
activity hit. Suddenly, there was a mad scramble, alas, led by Louise,
and they were overlooking a surprise and delight rainmaking activity
that was staring them in the face.
It just so happens that earlier that morning I had received a
gift from a fund company that sponsored me for a recent speaking
engagement. The note read; "…we were paying attention to what you
were saying about the affluent and loyalty. I hope this fits." The gift
was a hooded sweatshirt purchased online from the student bookstore at
UNC Wilmington, and it was for my wife Sandy. They really had been
paying attention: During my speech, I mentioned that our son had
transferred colleges and was now a budding sophomore at UNCW.
After Louise finished her rant, Stephen used my wife's new
sweatshirt as a coaching opportunity. Louise loved the idea. By the time
the coaching call was ending, she was suggesting to Stephen that I tell
everyone about this opportunity - hence you are reading about it in this
issue of Practice Management.
For affluent clients with children in college, whether they are
dipping into their college sayings plan or not, this is a perfect time
to surprise and delight these top clients with a gift similar to the one
my wife received (she loves it). However, this does require that you
really know your clients. So, in the spirit of teamwork and Louise's
new-found enthusiasm, here are 7 practical steps to activate this
rainmaking activity. All but #7 can by done be support
personnel:
- Meet as a team to kick-off this college-focused initiative.
- Review the profile of your top 25 to 50 clients.
- Determine who has children in college and what college they are
attending.
- If you are lacking any of this information, contact the client to
gather the missing information.
- Whenever in doubt of sizing-ask.
- Order hooded sweatshirt to be delivered at the office (home if
retired)
- Advisor sends a handwritten note in advance to husband or wife, so
that they will expect it.
Not all clients will remember to express their gratitude. Don't take
this personally, it doesn't mean that they didn't appreciate your
personal gift, either they haven't gotten to it yet, or it's a signal
that they may be lacking manners. Regardless, if you still haven't heard
from a client about 10 working days after placing the order, call him or
her. At this stage, you're inquiring just to make certain the package
has arrived.
Do not overthink the issue of follow-up. You will not appear
tacky by making a follow-up call, and more often than not, good things
will come of it-especially if you have your rainmaker antenna fully
activated. It is during moments such as these when windows of
opportunity surface and penetrating an affluent client's
center-of-influence becomes much more natural as you are activating the
law of reciprocity.
Stephen has transformed Louise from a service-only nurturer into
rainmaker who surprises and delights her top clients. None of this is
complicated as long as you make a commitment to understanding the
affluent, knowing your clients and thinking in terms of this "wow
factor."
If you want to ensure you are delivering that "wow factor" visit
our download center for a FREE copy of our Surprise
and Delight - The Importance of Intel PDF. This download
demonstrates both the importance and power of gathering intel and
delighting your clients.
Once again, we want to thank all of you who have emailed comments and
questions to us. We will continue to do our best to answer each one.
If you have any topic suggestions or special requests, please contact
Rich Santos, publisher of Registered Rep. and Trust &
Estates magazines, at rich.santos@penton.com.
|
|
|
advertisement
LPL Financial offers unprecedented benefits for financial
advisors, such as group health insurance, reduced transaction fees, a
deferred compensation plan, unbiased research, superior technology and
more. LPL Financial is the broker/dealer of choice for more than 11,000
advisors. Visit joinlpl.com.
Member FINRA/SIPC
|
advertisement
More than a clearing firm, First Clearing partners with
advisors to provide innovative solutions that help grow their
businesses. Offering state-of-the-art technology, a world-class platform
of products, and a unique team of growth consultants, First Clearing is
your clear advantage. www.clearthinking1.com
|
advertisement
|
|
