The following is based on one of The Covenant Group's clients. All of the names and telling details have been changed to preserve client privacy. When I first met Corey, he had all the tools to be a great financial advisor. All he needed was a different approach to building his clientele.
He was a natural hunter who loved the thrill of the chase. The problem was that his constant quest for new clients left him with little time to serve his clients. The sale of a financial product creates a bonded relationship. Corey has a fiduciary responsibility to serve his clients. The conflict between his quest for new clients and his responsibility to his clientele was wearing him down.
Corey explained his problem as follows: "All my effort goes into getting clients. I want to be there for my clients and give them the service they deserve, but I just don't have the time."
The economics of most advisory practices are not structured to deliver quality service to existing clients. Advisors feel they can't afford to provide a high level of ongoing service to their clientele.
Like many advisors, Corey could not figure out how to serve his clients profitably. He had to think differently about client service. Rather than seeing client service as an obligation and a cost of doing business, he needed to look at it as an opportunity.
One of the most effective techniques for making new sales is the Periodic Review with existing clients. When you conduct a review with a client, it gives you an opportunity to cross-sell additional products and services and to get introductions, recommendations and referrals. It is the perfect way to integrate marketing, sales and service. You deepen your relationship with existing clients through meeting with them to address service issues, providing them with additional solutions to their problems and gaining access to their network.
