Reminding clients of your value during the relationship

Six ways advisors can demonstrate their value proposition to keep things fresh

Reminding clients of your value during the relationship
Bryce Sanders

Most advisors are good at giving their value proposition while winning the relationship. The same works in dating too. In both cases, things can go stale if both parties take the other for granted. Meanwhile, someone else is prospecting your client with their own value proposition. How can you show value during an ongoing relationship?

1, Meaningful communication
You’ve been doing this during the pandemic. It’s good to be social. It shows you care. It’s better to be meaningful, relating what’s happening in the outside world to their current holdings. It shows you are paying attention.

2, Give them the credit
You had an idea. It worked out! The markets performed as you hoped. You might sit around waiting for them to thank you. Human nature is funny. If your client loses money, it’s your fault. If they make money, you were just doing your job. When something works out, give them the credit. “Thanks go to you for going along with my suggestion back in April.” 

3, Portfolio reviews
They want to keep score. It’s better to track progress towards goals instead of performance vs. averages. Their real; concern is “Will I have a comfortable retirement?’ and “Am I on track?” This shows you know what’s important to them.  You can talk about performance vs. averages if they want.

4, Going back to school
You take continuing education courses. This can be a point to brag about. You were studying for an additional professional certification. This should get some questions. Tell about the subject of a CE course. “I was learning how to help someone with is problem…” They might know someone with a similar problem.

5, Using the resources of the firm for their benefit
They needed something for their accountant. It wasn’t online. It’s an old document or statement. After the task is completed and it’s in their accountant’s hands, tell them how it got there. You brought your assistant into the picture. They called up the regional records center. They found the document. It was overnighted to your office. Your assistant faxed it to your accountant and confirmed receipt. Job done. (Whew!) They are reminded what you do for them.

6, Confidentiality
Today we are all concerned about who has access to our data. Who is selling what to whom? Your client might think they don’t need to send referrals because you use them as the poster child. But you don’t. Remind them you cannot tell anyone they are your client. If someone said knew we know each other and asked we met, I would tell them my answer is “We met downtown” and leave it at that.  Now, remind them they aren’t bound by confidentiality.  They can tell anyone (and everyone) we work together. You encourage it.

These are easy ways to remind clients what you do for them.

Bryce Sanders is president of Perceptive Business Solutions Inc.  He provides HNW client acquisition training for the financial services industry.  His book, “Captivating the Wealthy Investor” can be found on Amazon.