What Do Your Clients Think About You and Your Firm…Why Don’t You Just Ask Them?

Yesterday, I had the opportunity to participate in a webinar with Marie Swift and three other outstanding coaches in our industry.  MANY good ideas were discussed and one among them, I believe, is particularly timely right now.

When was the last time you asked your clients what they really think about you and your firm?  What do they value and what do they really not value that might be taking up an inordinate amount of your time?

Right now, in this roller coaster ride of a market, it is extremely important to conserve resources.  Of course, money is always a high consideration but your time is equally important.  It’s a finite resource that must be used wisely.  So, why does it make sense to be doing something that might even be valued by your clients?  It doesn’t so now is a good time to find out exactly where you should be focusing your time.

An additional reason to conduct a survey now is it shows a commitment to your clients to hear what they have to say about you, your staff and your firm?  Do they feel they are receiving what they were promised?  Are they harboring some underlying feeling of anger or resentment over something small that you didn’t even know about?

So, how do you go about this?  Simple…http://surveymonkey.com.  For $29.90 per month (no commitment, stop and start anytime), you can put together a survey, upload client emails in a .csv format and track the results online. You even create a pdf of the survey if you have folks you know will not fill it out online.  Additionally, I have a sample survey on my website (www.backofficeadvisor.com) you can download for free to get you started.

Now, get out there and ask!

Do You Know What Your Mission Is?

Today I want to talk about your mission statement.  What is it?  Why do you need one?  How do you go about getting one in place?

Your mission statement communicates the soul of your firm to many different audiences.  To your prospective clients, it drives home the fact that you are serious about adding value and positive outcomes to their lives.   To your staff, it reminds them everyday why they are doing what they do and how important their contribution is.  Most importantly, to you, it should serve as a guideline.  When new opportunities come your way, you should remind yourself of your missions statement and ask yourself if this opportunity is in line with where you want your firm to go.

How do you arrive at your mission statement?  Your  mission statement is something that comes from your heart and your head.  It’s a combination of intellectual and emotion.  It is the phrase that articulates why you got into to this business, why you want to be a fiduciary, why that is so important, why you want to be the best at what you do and what is it that you’re going to be the best at?

If you already have a mission statement, congratulations.  You are in the 1% of financial planning profession that has done so.  If not, start to think about it now.  Jott down notes, ask your staff, ask your family.  Then, take some quiet, reflective time and write it out.  Once you have it where you want it to be, frame it and put it in various locations throughout your office as a constant reminder to you and everyone why and how you do what you do so well.

If you’d like some examples, give me a call or send me an email (ginny@backofficeadvisor.com) – take care, Ginny

Town Hall Meetings…yes, they really work

In many of my posts this year, I have talked about how important it is to be a resource for your clients, your strategic alliances and your community. 

I recently spent some time on the phone with another coach who is writing a follow up article for one of the advisor magazine’s regarding what is working in this market as far as growing your practice.

We both agreed that Town Hall Meetings are a great way to connect with clients and prospective clients right now. Why?  Because the game has changed and getting new clients is going to require a higher level of trust and comfort than at any time in our history (and this isn’t going to go away for some time if ever).

So what exactly is a Town Hall Meeting?  In my definition, it involves about 7 or 8 couples (about 15 to 20 folks at the most) in a private setting asking you questions, getting answers from each other, talking about what is worrying them with you as the central glue that provides information, keeps the discussion going and allows everyone to voice their opinions, thoughts, fears, etc.

I know there are alot of marketing folks out there that advocate getting speakers or you doing a presenation but honestly, I think that has been “so done” and people are not going to spend their already short amount of time listening to one more presentation.  They want to be able to talk about what’s important to them and have you there as a resource, to answer questions when you can and if you can’t, find out the answer and get back to them.

If you’re interested in this kind of get together, send me an email.   I have a template invitation and can help you with some tips on pulling this together.

Let me know how it goes!

No matter how hard you wish it…they won’t come flying in your window…

Qualified prospects…they’re out there in numbers greater than we’ve ever seen!  But one thing has not changed…no matter how hard you wish it, they will not come flying in your window and land in your lap.  You still have to do the work.

Now, when I say work, I mean having a well-thought out plan of reaching your ideal clients. This might include:

1.  Identifying the clients you want to duplicate.  You know, I’ve said it before but I’ll say it again.  People have an innate desire to help others if they can.  Your clients want to help you…it gives them a good feeling to match you up with their friends and have the relationship be successful.  One word of caution here.  Make sure you have educated your clients as to your referral process so they know what their friends and family can expect from you when being contacted.

2.  Talk to your Center’s of Influence. Again, as I’ve said before, these folks are just as befuddled as your clients.  Break down all the rhetoric for them so they can break it down for their clients.  They’ll appreciate the simplicity you are trying to bring to their lives and know their clients will appreciate it as well!

3.  Write, write, write…the media is hungry for information right now.  Be a resource for your local paper.  Again, it all comes down to keeping it simple.  However, don’t expect them to come to you.  They will value and treasure you if you send them well thought out and written pieces that are ready to go.  If you see some big news that day, be the first to call the business editor and find out what you can do to help them communicate it.  Do they want to interview you?

You get the idea.  It really doesn’t have to be hard.  It just has to be a priority, well thought out and consistent.  This is how you keep your pipeline flowing.

A parting thought…if you don’t have time to do these things, ask yourself why?  If it’s because you are spending the bulk of your day in your back office, this  is a recipe for disaster.  No matter how hard you work, this will NEVER change until you decide to change it by hiring a coach to help you figure out what you can delegate and to whom.  What are you waiting for?

Take care and let me know your thoughts.   Ginny

Be a Renewable Resource

I’m sure you’ve seen all the articles recently talking about how this market may be the best time ever seen in history for financial advisors to acquire new clients, especially if you are an independent.  Clients are questioning their advisors even when they come with big, fancy, old school names behind them. The tried and true has been tested and in many cases, has failed.  This has brought about a whole new fear for investors.  The “guaranteed” is no longer…

But there is another group that needs your help.  Your strategic alliances.  The CPA’s, attorneys and insurance folks who work with your clients alongside you.  They are experiencing the same fears as your clients AND in many cases, they are being asked for their opinions on what is going on.  Frequently, they don’t have any more answers than their clients.

You can help them.  Make is a policy in your office to take four or five pieces of information every two weeks or so and distill it down to five or six bullet points for for them to use with their clients. Give them the answers in a short and concise manner so they can answer some of those questions.  Also use this email blast as a way to educate them about your business and things are you doing to help your clients.

I believe if you do this, when they have a client ask for a recommendation on a financial advisor, they will think of you.  You have demonstrated the ability to simplify their lives and after all, isn’t that the Holy Grail we are all so desperately seeking?

Let me know how it works!  Take care, Ginny

You Never Get a Second Chance to Make a First Impression…

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:

1.  Write a handwritten thank you note thanking them for becoming a client (should come from you) and include a small gift as a token of your appreciation.

2.  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 everyday and will notify them immediately if there are any issues.

3. 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, when you ask for referrals from them, 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!

What does your website say about you?

While I think most of us will agree that you will not sign up any new clients based solely on your website, this marketing tool is becoming increasingly important as generations become more and more tech savvy.  Almost everyone knows how to do a google search.  If you’re a NAPFA or FPA member, you will more than likely receive traffic that way. 

When someone comes to your website, what is their first impression?  Do they have a reason to dig deeper into your website?  Does your website articulate who you work best with?  Remember, in all likelihood, no matter where you live or what google search term is used, there are going to be hundreds if not thousands of websites returned.  Have you constructed your website so yours is one of the first listed?

I would suggest that with 2009 quickly approaching, now is a good time to review your website.  Ask yourself the questions above and see how you come out.  Google Analytics is also a great tool for assessing how well your website does in a search (http://www.google.com/analytics). 

Also, remember with websites, less is more.  Less words, more concise information.  All you’re trying to accomplish here is getting someone to pick up the phone and call you.  You’re not trying to get them to sign on the dotted line or have all their financial problems or questions answered in one stop. 

Take some time to review your website.  Even small changes (such as better “searchability”) can make a big difference.

Call me if you’d like to discuss any ideas.  Thanks!

So what is it you do?

How many times have we heard that question?  Better known as your “elevator speech”, it’s the question we get over and over again…at parties, when meeting someone new, on airplanes, etc.  So let me ask you…”what is it you do”?

Do you have a good 1 minute, 2 or 3 line answer other than “I’m a financial advisor”?  A good elevator speech should intrigue the listener and then turn it back on the person who answered the question.  For instance, you might say “I spend my days making dreams come true for my clients” and then say, “tell me something about yourself”.  Try to keep the conversation on them and once you have found out something about them you can connect to what you do, come back to it.  For instance, if they say, “we are hoping to take a trip soon to England”, you might say, “wow, that’s fantastic, alot of my clients travel to europe each year”.

Keep the conversation on the benefits of what you do, not how you do it.  Noboby cares how you prepare a financial plan or how you invest money.  They only care how it effects them, how it helps them reach their goals.

Sit down and take some time to think this through.  You may be missing opportunities here by not giving this crucial answer to an oft-asked question some thought.

Let me know your thought and I’d really enjoy hearing some of your elevator speeches.

Thanks!

So, how important is my web site?

This is a question that I get from advisors all the time…”my clients are old, they won’t look at a web site”.  Wanna bet?  Okay, I’ll admit it, my 70 year old mother mostly uses her computer as a big email box.  But she and her friends can email like the wind and I guarantee you this is their main source of communication.  But she can also check a web site with the best of them IF it’s simple in design and has something she needs or values.  I mean, after all, that’s what it’s about right…keep it simple and valuable.  It’s ALL about the client.  Who cares when you graduated from college?  I’m assuming if you’re a CFP, you’ve done the work. 

When was the last time you really reviewed your web site?  If you can’t remember, it’s time!  Take a look at it from a client’s perspective or better yet, have some of your clients view it and be really honest with you.  Would they feel comfortable sending a prospective client to this web site to get good, simple information on why you’re different from the rest and how you can help them with their challenges?

Whether you want to admit it or not, your web site (or shame on you, lack of one) is a big part of your marketing and client service strategy.  You can now easily add portals where client documents can be stored and retreived, you can set up community chats among your clients where they can share information and you can give your ideal clients a place to send prospective clients as part of your education process.  You can post your ideal client profile there (hey, this is who we work best with) and in general save yourself alot of time and energy by letting this tool do some of the work for you.

Don’t get me wrong, a web site is not a substitute for talking to your clients and asking them for referrals. But it is an important piece of the whole puzzle that is your firm and if constructed correctly, can set you apart from the others.

Give me a call if you’d like to discuss this further. Thanks!

Hire before you can afford to.

Okay, now did she just say what I think she said?  Hire someone before I can afford to?  You better believe it.

How many times have I seen it?  You start working your marketing strategy and guess what?  It actually works.  You actually start to see referrals coming in.  So now what happens?  You have to do the work you promised and you go from sixty to zero in 10 seconds.  You have to pause your marketing in order to do the work and this is a sure fire momentum killer.  What happens in your car everytime you come to stop sign.  It takes more energy to get it going again than it would have to just keep going (I’m not advocating you run stop signs, just giving an anology!).  Marketing is the same.  Every time you have to stop, it takes that much more energy to get back the mindset again.

Hire someone before you need them.  You know you will need them…your marketing strategy will work.  It’s never been a better time to be a financial advisor.  So, get a top notch person on staff right away.  If your concentration is comprehensive financial planning, get a junior planner in there.  They can always double as an admin person for a while.  If you’re more on the AUM side, less comprehensive planning, get a top notch admin in there who can process all the back office work, run some simple MoneyGuidePro worksheets, keep your calendar straight, set up/confirm appointments, start putting systems in place, etc.

Don’t wait until your spouse is mad, your kids can’t remember what you look like and you feel like a truck ran over you.  Get a loan, do whatever you need to but get help and get it early.

Let me know your thoughts. Thanks!