Like most advisers today, you inevitably have two jobs: providing advice to your clients, and finding new clients. And often, finding and retaining clients is the hardest part of your job.
So how can you find clients and, more importantly, keep those clients for life?
While there are no easy answers to these questions, there is an underutilised tool you can use to help create ‘clients for life’ – the family tree.
Utilising the family tree
Your clients are often seeking advice and guidance at key stages in their life. Some may have just bought a property and are looking for ways to protect their investment. Others may be nearing retirement and want to consider their financial options.
You add value to a client’s situation by helping them take care of their highest priorities and working with them to address other areas of advice, recognising that their needs will change over time.
But, just because you offer expert advice, doesn’t automatically guarantee that you create a repeat customer or ‘client for life’.
To create strong client relationships which can ultimately lead to additional business opportunities, you need to work with your clients to identify ‘upstream’ and ‘downstream’ pressures or risks existing within their extended family that may prevent them from achieving their financial goals.
‘Upstream’ pressures could be aged parents who may require expert care in the future. Aged care can often prove very expensive. And, if your client’s parents are not in a financial position to afford their own care, it may come down to your client to foot the bill. Does their financial plan allow them to meet any additional and unexpected expenses?
‘Downstream’ pressures may come in the form of adult children. Does your client have children who may look for help with a home deposit or count on their parents to help them financially in the event of critical illness or disability?
Introducing the idea of the family tree to clients means having that deeper ‘values-based’ conversation with them. That said – you can’t just expect to dive in and attract the business of your client’s extended family straight off the bat.
How to start the conversation
By diving deeper into the values-based needs of your clients, and having a clear understanding of their family tree, you will strengthen your relationships with them – and their reliance on you as their ‘adviser for life’.
These strong relationships will in turn enable you to implement solutions with your client to mitigate the additional or unexpected financial pressures their extended family may cause them. The strength of this relationship will give your clients the confidence to advocate your services to their family members to then help them manage their own financial situation.
So, what are you waiting for? Look through your existing client database today and see how and where you can help your current clients and their extended family meet their financial needs and become your ‘clients for life’.
Tania Milnes is the general manager of Mortgage Choice Financial Planning and dedicated to growing a new network of full service advice professionals with the backing and experience of the Mortgage Choice brand.
