Landing Your Dream Client Is Just the Beginning

by Commonwealth Financial Network

Today's post continues our case study series, showcasing the many creative solutions you can take when helping clients with complex planning issues. Here, we’ll explore the possible business opportunities that can result from landing your dream client.

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We introduced your new “A” clients, Janice and Ed Thompson, in our previous post. The couple has an estimated net worth of $15 million, and they were referred to you by a mutual acquaintance, the Browns. Let’s start by taking a closer look at what you can do when you get a high-value referral to your practice.

Show appreciation. The Browns have such a positive impression of you and your practice that they were willing to refer someone to you—an ideal situation! So, how will you thank them? You might send chocolates or a small gift, take them out to dinner with the Thompsons, or contribute to a charity that you know the Browns care about. If you don’t have a process for showing your appreciation for referrals, consider establishing one so that it always happens.

Reinforce your value. You’ll also want to let the Browns know that you’re helping the Thompsons. This acknowledgment doesn’t mean breaking confidentiality, but it’s a good idea to reinforce both your value and the fact that the Thompsons are a good fit for your practice. Say something simple like, “I want you to know how much I enjoyed meeting Janice and Ed. I do a lot of work with business owners and families like the Thompsons, and my expertise will help solve some problems they’ve been worried about.” The Browns will feel great about giving you the referral, which could lead to additional referrals down the road.

Get the details. Learn all you can about the circumstances that led to the referral. How do the Browns know the Thompsons? Are they members of the same country club, neighbors, graduates of the same school, or colleagues from a previous employer? Be sure to ask how your name came up in conversation. The specifics might help you better understand when and how you became top of mind so that you can repeat the process.

Now, let’s turn back to Ed and Janice Thompson, your new $15 million client. What opportunities do you have to expand the relationship exponentially? Here are just a few follow-up activities you may want to consider: