Do you really know your clients?

I recently had a conversation with an FA who told me of bringing in a $13 million relationship.  He said he had called on the prospect for five years.  When I asked him how he managed to stay engaged for such a long period of time he told me that he really got to know the prospect.  By the time the prospect became a client, this FA said he knew the prospect better than the FA who had the relationship.

Why is this important?  FAs are usually good at knowing their clients from a numbers prospective.  But what many times gets overlooked are the “soft” or heart issues.  How can you tell if you are deepening your client relationships?  It's fairly simple.  If every conversation is about dollar signs and decimal points, you are not deepening the relationship.

Next time you are talking with a client think about relationship deepening topics.  Here are a handful of examples:

  • If all jobs paid the same, what would have done for a living?
  • Of all of your trips or vacations, which one would you do again?
  • Is there anything I can do to simplify your life?
  • Is there anything that keeps you awake at night?

The way you build a practice is keep what you have and bring in new relationships.  The probability of losing a client is reduced when you know them beyond their portfolio.

Of course, please let us know if we can help.  Our new website and coaching services are dedicated to helping you bring balance to your life, improve the overall focus on your practice and give you the time to grow significantly.

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