There has never been a better time to build your business than now, but you need to get back to understanding how to communicate effectively, not only efficiently, with people and clients .Too many advisers think that sending an email or an electronic newsletter does the job of staying in touch, and maybe so, but I see this as a start at best.
Social capital is the most important asset of any person in business. In my analysis, social capital is reflected powerfully on a company’s balance sheet and can either enhance or destroy its very existence. The top performing businesses across all industry sectors have one thing in common: a strong base of loyal and happy customers.
Communications need to be efficient, but it is how you effectively grow and enhance social capital that will stand you apart in the world of financial advising. There are no shortcuts to success in business, but there are a few ways to stand out from the crowd and build client relations far exceeding your competition.
- When you send an email or newsletter how often to you follow it up with a phone call? I had a habit of contacting 7 people daily in addition to my required calls for the day. I would discuss the newsletter or email in more detail, ask them did they find the content helpful or would they know someone that may find it useful.
- Have you ever hosted a client function, afternoon drinks or Sunday barbecue? After a while, your office will become a stale place to meet, inviting clients for a drink or Sunday barbecue allows you to get to know them outside of ‘work’. Of course, this may not apply to all clients but could be a rewarding experience for your premium clients.
Dr Jim Taggart is a financial services veteran who founded, grew and sold the hugely successful Taggart Group.
Jim currently works as a professor at Notre Dame University, is a radio presenter on Live 90.5FM and is passionate about empowering advisers to develop more meaningful relationships with their clients.
