- On October 8, 2017
When a newly acquired client is driving to your office to meet with you for the first time, what point of view will they be bringing to the meeting?
The clients you have acquired are typically going to have one of three different types of viewpoints about the seller you’re “taking over” for. Your new clients will be coming to your first meeting with established feelings about the selling advisor, their portfolio performance, and the service received.
They will likely be walking into your office with preset feelings based upon their previous experiences with the seller and feeling either content, underserviced, or neglected.
The seller may or may not be privy to some of their client’s actual views. If a seller has over 100 clients and hasn’t been meeting as regularly with their clients as they used to, then they won’t all likely be transition lay-ups.
While we consistently see 90% plus acquired client retention in the first year, retention should never be taken for granted.
Try to keep your focus on viewing this transition from your client’s perspective and be prepared to address each of the 3 viewpoints they will be bringing to your first meeting with them.
Convince the Content
Hopefully this is the viewpoint that the vast majority of the clients you acquired are coming to the first meeting with: client is happy and content with the service and results the selling advisor has provided.
- For clients who have been satisfied with their portfolio returns, strategy, and service model they received from the seller, then your approach may be to give them confidence the things they like best will continue under your “new regime.”
- Having your seller with you in as many meetings as possible is especially helpful with these clients.
- For clients who are happy and trust the seller, having the seller vouch for you and your investment approach makes a difference.
- Having the seller advocate for you as a person and an advisor, and express to their clients that they will be in good hands with you as their advisor, goes a long way in happy clients giving you the opportunity and time to prove yourself.
Nurture the Underserviced
Clients can view the same service model differently and you will have almost as many client preferences for service as you will have clients. You will likely have a segment of acquired clients who will be coming to the first meeting with a viewpoint of feeling they have been underserviced or haven’t received the attention they deserve or need from the selling advisor.
- Asking clients what they have liked, but also what areas of service you might be able to improve on will get you a lot of honest answers. Be prepared to adjust aspects of your service model based upon what the clients share.
- Without throwing the seller under the bus, contrast the differences in your service model, investment philosophy, and ask for the opportunity to prove yourself.
- While clients with this viewpoint can represent initial transition challenges, these clients also provide opportunities to not only retain but to grow client assets through additional client “wallet share”.
- If a client feels they have been under serviced then they may have additional investment needs or have a pending event that they feel their seller hasn’t proactively uncovered or even aware of.
- When you provide clients who feel under serviced with a superior service model and experience, you will retain more clients who have this viewpoint and uncover client needs that haven’t been addressed.
Renew the Neglected
Depending on a host of variables, you may have a few clients or dozens of clients who will be coming to the first meeting with the viewpoint that they have been a “neglected” client. Maybe the seller has already been in “retirement mode” for a while and hasn’t been engaging and servicing their clients as much as they used to. Maybe the client is in the lowest client asset tier and the seller’s service model revolved around spending 80% to 90% of their efforts on the top 10% to 20% of their biggest clients and rarely, if ever, proactively calls or meets with smaller investable asset clients.
- If you’re business model is to foster, develop, and service smaller size clients as well as the larger ones, then renewing the trust and confidence of a client who feels neglected can not only secure their transition but also increase likelihood of retention, and eventually more wallet share as these smaller clients become bigger with time.
- Share how your service model treats each client equally from a service perspective.
- Do you have a junior or service advisor that you are able to support the clients representing the lowest average assets of the client base so they don’t feel neglected, but also allows you the time to focus on the top tier clients?
- Consider scalable client engagement systems that allow you to efficiently touch all clients through your service model.
- Consider digital marketing and engagement strategies like newsletters, blogs, social media interaction, and a CRM system that provides notices of birthdays, special events and milestones of clients.
- Automating some of these aspects of client engagement is a scalable way to ensure all clients are receiving regular company communication as well as personal engagement.
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