Posts Tagged ‘Client Appointments’
Wednesday, December 21st, 2011
During the last month stock market have dropped and gyrated; some days by a whopping 5%, and in the case of many clients, wiped out this years gains. While this is bad for portfolios, it doesn’t have to be bad for your client relationships.
Will the market bounce right back, or continue going down? Is this the beginning of the next bear? Who knows. In terms of the growth of your practice, it may not matter. You do not have to be slowed down by the direction of the market. The fact is the best and most successful advisors add clients in down markets.
I don’t mean to suggest that it will be pleasant. Is going through a down market easy? No. Can it be rewarding? Absolutely. Everyone looks like a genius in an up market. The professionals standout when things are rocky. How do you build and strengthen client relationships when the markets are bad? Here are some suggestions.
- Review your client portfolios and make sure you are prepared for a market downturn. Confirm that positions and allocations have not gotten out of whack because of market gains over the past couple years. Evaluating how those portfolios might respond if markets or interest rates changed suddenly or significantly, and make any adjustments you think appropriate.
- Be ready to describe to your clients how you have prepared for the possibility of a market change. If the markets begin moving against you, have a communications plan that includes mass e-mails or letters and the conversations you will have individually in client appointments.
- If the markets continue their slide, send out a communication to all clients. Let them know you are watching what’s going on, and are prepared to make any changes that are appropriate when the time comes. One of the more interesting things I have learned from working with client groups is that they have little understanding of all the work you do on their behalf when they are not in front of you. Let them know. You don’t necessarily have to see them more frequently when times are bad but they need to understand that you are always diligently looking out for their best interests.
- Bring your clients together. If you have put off or neglected an advisory board, or have been considering starting one, now is the time to get it on the schedule. Engage your clients to tell you what they worry about. It may not be what you think. Get there guidance on the best ways of keeping in touch with the markets turned bad again. Whatever their concerns, get them to tell you what kind of communication with most effectively addresses their worries. Would it be letters, individual reviews, or group meetings? Should you be discussing their portfolios, or showing them the impact of a downturn on their financial plans?
- Act on their advice. When you implement your communication strategy, refer to your advisory board. Let all clients know that there is a group of clients you are actively engaged with to help you understand what kind of response would most effectively address what’s on their minds.
Many of the advisors I worked with in 2001 and 2008 were drained and exhausted by those difficult markets. The ones who kept in touch with their clients most effectively were rewarded for all that additional work with larger practices. Engaging your clients when things are bad will make your existing client relationships stronger and attract new ones.
Tags: Allocations, Bad Relationships, Bounce, Client Appointments, Client Groups, Client Loyalty, Client Portfolios, Client Relationships, Communication, Communications Plan, Conversations, Direction, Genius, Interest Rates, Interesting Things, Little Understanding, Market Downturn, Market Stock, Standout, Stock Market, Whack
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Monday, March 2nd, 2009
It’s 11:30am PT on Sunday, March 1st and I’m over Lethbridge on a flight to London, ON and I’ve just finished roughing out a new powerpoint presentation called Recession Is A Choice, What’s Yours?
I am taking a break because this has got to be one of the most turbulent flights that I have ever been on and detailed power points are a little tricky so I’m using the time to blog. So turbulent that there is no in-flight service and I am thinking like a camel to avoid getting up to the bathroom.
I’m on my way to to a Monday meeting with an Advocis Program Chair and a MGA firm to discuss speaking opportunities and then speaking on behalf of Pro-Seminars in Kitchener on Tuesday and Toronto on Wednesday and I’ll be home late Wednesday night.
This trip is two of seven speaking presentations in March and the first of four March trips to make it possible.
What is easy about this week is it is a coaching off week meaning I don’t have client appointments in between my speaking presentations and traveling which is the norm.
They say that March comes in like a lion and goes out like a lamb.
It shocks me to see how many financial advisors fail to write out a vision, business plan and 90 day goals at the beginning of their year.
When did their year begin? January 1, 2009 or will it begin March 1, 2009 right after RRSP season?
March 1, 2009 was the first day of the rest of their business and personal lives.
March is a time for an early spring cleaning and getting rid of your unmet needs met, which will eliminate your negative beliefs and negative emotions.
Plato said, “The beginning is the most important part of the work.” Ralph Waldo Emerson said, “What we call results are beginnings.” And Woody Allen said, “Eighty per cent of success is showing up.”
For us at Leading Advisor, we are seizing March like a lion, being more extrospective and a committing to some significant goals that you will find as you read along.
I say extrospective in March because February was a very introspective month for us because Laura and I invested eighty hours in attending two personal development workshops and the personal and business results are enormous. We also went to Tofino for a weekend break.
In hind sight it is odd to say that February was introspective because we also created the following results;
- We improved our office organization
- Our accounting is complete and filed for last year
- We fine tuned our budget cash flow for the year — it is amazing what happens when one takes the time to account for and appreciate money
- Our speaking marketing action plan is in place and we booked five association / corporate speaking presentations and we have double that in conversations about upcoming dates
- We invested in a video camera to film clips for showreels and vlogs to improve our speaking marketing action plan
- Our business is profitable in a recession
Our personal development work allowed us to reaffirm our two year vision which we stay focused on through; affirmations, goals, giving thanks, journaling and time blocking
Our vision is to assist financial advisors to create sustainable inspiration and a profitable business through the realization and experience of their values, positive feelings and positive beliefs through;
- Interactive software
- Live workshops
- Speaking presentations
- Web site, blogs, vlogs and e-newsletter
Laura and I will travel throughout Canada, the UK and the USA five to six months a year with the support of a general manager and marketing associate.
Our March goals are;
- Complete “Recession Is A Choice, What’s Yours?” powerpoint
- Book three speaking presentations
- Attract four new clients
- Create a live two day workshop
- Outline and create some video vlog clips about;
- 1. Curing The Unmet Needs Disease
- 2. Practice management tips
- 3. Speaking clips for speaking marketing
- Hire an assistant
- Ask for client testimonials
- Research speaking contacts in the IDA and MFDA
- Update the user defined fields in our CRM software
- Write more industry related blogs
- Update our coaching section of our web site and risk free agreement
Tags: Client Appointments, Early Spring, Financial Advisors, Flight Service, Kitchener, Lethbridge, March 1, March Comes In Like A Lion, Negative Beliefs, Negative Emotions, Personal Lives, Plato, Powerpoint Presentation, Pro Seminars, Program Chair, Ralph Waldo Emerson, Recession, Unmet Needs, Vision Business, Woody Allen
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