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Create your client "WOW" experience - it is the MOST important thing you do to retain clients. We’ve all seen the studies…HNW clients rarely leave over returns. They leave because they don’t feel their advisor understands them or provides them with a “Raving Fans” Experience. Creating the “wow” experience is about going above and beyond what your clients expect from their advisor to deepen the relationship of a friend, a confidant, and a trusted counselor. I have advisor clients who have taken clients their favorite sweet, completely unexpectedly or purchased them theater tickets to a show they know they want to see. The reaction is amazing and this is what they tell their friends, your future clients.
Another favorite of mine is conducting a client survey every two years. The best way to know what your clients want and how they feel about your services is to ask them. Many owners are resistant to conduct a survey of their clients, but if you don’t ask people what their opinions are, you won’t know what they are thinking. You may find out after enough people have complained and left the firm, but then it is too late to save those clients. You have to be able to take the good responses with the bad. In fact, the negative responses are the most valuable to you in terms of the ROI on conducting the survey. If you can change small things in your firm to be able to easily retain clients, wouldn’t you want to know?
Make their lives less complex! This is ultimately the reason most people seek out an advisor. We have all had clients that want to micromanage and get into the minutia, but your main service offering is to make your clients’ lives simpler in some way, not more complex. Adding complexity to your clients’ lives will only increase their anxiety about making the right decision about becoming your client, not put their minds at ease. Ask yourself in every interaction, recommendation, request, etc. - "Does this make my client's life less complicated". If it does, do it. If it does not, don't do it!
Creating lifelong “A” clients is about forming a deep and meaningful bond with each and every client. By asking your clients where you can improve and correcting those things, going over and above to give them a level of service they didn’t even know they wanted, and making their lives less stressful by making their decisions less complex, you will create that relationship.
Ginny Hudgens, President and Owner of The Strategic Implementer, started out in the financial services industry in 1992 as a Vice President in the Investment Banking Group of J.C. Bradford & Co., a regional brokerage firm purchased by PaineWebber (now UBS) in 2000.
In August of 2000, she accepted a position with a financial advisor, his only employee at the time, as the "jack of all trades". At the time of her employment, the firm had approximately $7 million in assets under management. Later, as the COO of the firm, she and the advisor built the firm to over $115 million in assets under management. Ginny was responsible for managing all aspects of the firm, leading team strategy sessions and implementing the initiatives that drove the firm growth.
In March of 2006, she started The Strategic Implementer to share her skills with other advisors who are READY to take their business to the next level. Her background has put her in the unique position of knowing exactly what it takes to build a successful advisory firm.
Ginny has written for and been written about in such publications as The Journal of Financial Planning, Investment News and Bob Veres’ Inside Information. She is frequently asked to speak and has spoken to groups including several FPA chapters, Geneos Wealth Advisors in Denver and the 2013 FPA Business Solutions Conference.
Ginny is a 1988 graduate of the University of Louisville with a B.S. in Business Administration (concentration in Finance). She is married and her husband has two grown sons, one who served his country in Iraq for 15 months and his younger brother, who is now her associate in The Strategic Implementer. Ginny serves on the Board of Directors for the Louisiana State University CFP Program.