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  • How a Teenager and Skype

    July 16, 2013 by Dan Richards

    Advisor Perspectives welcomes guest contributions. The views  presented here do not necessarily represent those of Advisor Perspectives.

    Successful advisors are always on the lookout for cost-effective ways to  deepen relationships with top clients. Last week, an advisor (let’s call him  Peter) told me how he hired his son for the summer, and the two created an  impressive offering that exceeded the expectations of his key clients.

    “Dad, can you help me get a summer  job?”

    Many parents are asked for help by their high-school and college-age  children in finding summer jobs. After his 18-year-old son (Mark) had exhausted  all other options, last summer Peter hired him to work in his office to do  routine filing and administrative work.

    The second week that Mark was in his office, Peter spoke on the phone to  an elderly client with a $2 million portfolio. The client had difficulty  getting around, and said he didn’t want to schedule any further visits in  Peter’s office. Peter said he understood and was happy to meet at the client’s  home twice a year and to speak on the phone in between those meetings.

    Then, knowing that his client had children and grandchildren in other  cities, Peter asked if by chance this client was set up on Skype, so that they  could use this for their meetings.  The  client responded that some of his friends used Skype to communicate with their  grandkids but that he wouldn’t know where to start in order to set this up.

    Peter thought about this conversation over lunch and that afternoon  called the client back, suggesting that his son visit the client’s home and set  him up on Skype, and call his grandkids and Peter as a test. The client  immediately agreed; the next day Mark came to the office wearing a jacket and  tie and drove to the client’s home to set him up.

    Mark ended up spending the good part of the  morning there, waiting as the client went through the process of Skyping with  his grandkids and with Peter. After having the lunch that his client’s wife  insisted on preparing, Mark left them with written instructions and also with  his cell phone number should the client run into any issues.

    Rolling out this initiative

    Over the next six weeks, Peter approached all of his elderly clients  within driving distance of his office with the same offer. And while some were  already using Skype and others weren’t interested, a good number jumped at the  offer. In fact, this became the primary focus of Mark’s summer.

    “I got a phenomenal response from  clients, way beyond anything I could have imagined and much more than to  lunches and dinners that cost me a couple of hundred dollars,” Peter  said. ”I had one client tell me he was at  their country club and another client was telling everyone about the fact that  his advisor had sent his son to set him up on Skype.”

    Mark’s back in my office this  summer and we’re extending this offer to every client in driving distance who’s  60-plus, regardless of their assets. In fact I have a pocket of clients about  three hours away and Mark will be spending three days there later in July. In  my view, if someone’s worth having as a client, they’re worth making this  offer.”

    There’s an important lesson here that’s worth repeating. Once you’re doing  a good job delivering financial advice, the things that make an impact with  clients aren’t related to how much you spend.   It’s the unexpected things and touching emotional hot buttons. As you  think about your own plans to deepen key relationships, consider whether you  can join Peter in identifying ways to go above the norm to stand out.



    Dan Richards conducts programs to  help advisors gain and retain clients and is an award winning faculty member in  the MBA program at the University of Toronto. To see more of his written and  video commentaries, go to
    www.clientinsights.ca. Use A555A for the rep and dealer code to register for website access.

    Originally Posted at Advisor Perspectives on July 16, 2013 by Dan Richards.

    Categories: Industry Articles
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