Meaningful experiences create long-lasting bonds. Why did your best clients go by 15 other financial services offices before choosing to do business with you? Are you that much smarter than those other 15 advisors? Probably not. Do you have an exclusive on the insurance or investment opportunities you provide? No. Well then, why do your clients do business with you? I believe it’s because of the way you make them feel. When clients feel heard, valued and cared for, you become like family and the kind of family they know has their back. The way our team creates this kind of an environment is through communication — simple and reliable. We take the fear out of finances by using relatable analogies, such as peanut butter and buses. When discussing retirement income planning, I ask clients whether they like chunky or smooth peanut butter. Everyone has an opinion, and they can all relate to peanut butter. I then go on to explain why in retirement you need both smooth and chunky money: smooth to provide lifetime income and chunky for growth opportunities and emergencies.
It’s not uncommon for a client to tell me during an annual review, “Oh yeah. I remember why we purchased that lifetime income benefit. It’s the smooth money that covers the necessities for the rest of my life.” Get out of the way of the bus. This is a great analogy for explaining what a tactical money manager or what a sector rotation fund attempts to do.
When a quarterly statement arrives and clients see 30 percent of their portfolio in cash, they don’t wonder what’s going on. They know the manager is on the curb rather than being hit by the potential market correction.
Laughter, smiles and food. We like to have fun celebrating birthdays, having picnics and laughing at our silly holiday photos. Obviously, in times when we can get together, there are many opportunities, but what about the new normal of separation? I know that when our country shut down, many of you may have felt like this when it came to client connection. What now? Well, here are some ideas for both the in-person and the virtual environment.
My oldest client turned 103 at the end of February. Fortunately, we were able to have an in-person get together with flowers, family and cake, and this is the memory she carried into her assisted living lockdown soon after her celebration. Quarterly we have a gathering of clients who have had a birthday during the prior quarter and ask them to invite their close friends. This has been a very successful method of getting favorable introductions. When unable to gather, we still have fun. Here are three of our team members isolating but still celebrating clients’ birthdays. [visual]
Whether isolating or not, everyone loves cookies. We use a locally owned bakery and have its famous lemon cookies delivered. When clients take the time to send handwritten thank-you cards, you know your thoughtfulness was appreciated. Virtual bingo or going on virtual vacations or sharing clients’ favorite recipes all keep us engaged. The highlight had to be when we played toilet paper ball as a substitute for one of our fun, in-person baseball games.
Beyond having fun, clients like to be informed. Relevant financial information and life issues are things that can affect them or those they love. We provide weekly economic updates, timely interviews, YouTube videos and educational webinars, along with in-person tours of facilities, such as the Patricia Neal Rehabilitation Center and the Oak Ridge National Laboratory 3D printing center. Sharing passions with clients, like our mutual love of dogs or boating in the beauty of the Great Smoky Mountains, reinforces the sense of family and contributes to our Whole Person philosophy. Giving, whether in the form of educating, donating as a firm or serving on nonprofit boards, helps us to give back. At Christmas, bringing toys and clothes during our holiday break client appreciation event exhibits our values.
It’s no wonder that through tough times and in good times, as we reach out to our clients, they reach back to us with referrals and introductions. It’s the experience that resonates.
Aleen M. Swofford, CLU, ChFC, is a 32-year MDRT member with seven Court of the Table and 11 Top of the Table qualifications and an Excalibur Knight of the MDRT Foundation. The president of Prosperity Partners Wealth Management, Swofford attained her Ph.D. at 23, was named University of Nebraska’s women’s athletics director at 27 and owner her own manufacturing company by 30, all before her passion career for life: helping clients build custom family financial plans.
