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So many times, I see advisors work so hard to get a get referral. They get one and low and behold, the referral becomes a client. So what happens now?
The advisor is now on to the next conquest because that's what we've told you. Don't break stride, keep your momentum going. But the problem here is that you have this brand new client, a bird in the hand so to speak and you are not spending anytime on the front end with them, welcoming them, walking them through the transfer process, writing them a handwritten thank you note and including a small gift as a thank you.
No where in your relationships with your clients do you have a better opportunity to establish how the relationship will progress than in those first few months. Make sure you have a process for someone in your office to follow. I would suggest it include the following items:
Write a handwritten thank you note thanking them for becoming a client (should come from you).
BEFORE the transfer process begins, send them a letter letting them know how it work. For example, remind folks who have checks on their investment accounts to stop writing checks and give them an idea of when their money will become available again and when they'll receive checks from the new custodian. Let them know if there are any complicated NON-ACAT items that will come slowly. Reassure them that you are watching this every day and will notify them immediately if there are any issues.
Have someone from your office contact them at LEAST once a week to engage them in conversation and ask them if they have any questions.
I recommend 10 touches in the first 90 days with 6 of those being in the first 60 days.
What's going to happen here? First and foremost, you have a happy and well-served client. Secondly, they are going to be so ecstatic with your service, they will be chomping at the bit to tell their friends. Thirdly, they are now conditioned to refer folks to you.
Give it a try and see what happens. You will be establishing a firm foundation for your client relationships!
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.