Wedding bells — or alarm bells?
What to do when you suspect an elderly client is being manipulated in a late-life relationship
By Allan Janssen |May 27, 2024
4 min read
News and resources for Canada's top financial advisors
Joanne,
The senior advisor in our practice is amazing with people but cannot organize himself or his time and does too much of the talking in the client appointments. This often results in 2 – 3 hour appointments which cuts us down to only about 5 – 6 appointments a week.
We have excellent policies and procedures in place for team members, streamlining administration and client services. However, the senior advisor’s refusal to adopt any structure causes serious ruptures in our office management.
The advisor insists we will lose sales if he changes his “style” but the team argues we will only lose PITA prospects/clients and will actually save money from the administrative hours currently spent on these problematic clients.
Is there a magic formula to edge the advisor into a more systematic approach?
We tried coaches but they keep telling him to schedule more time off and he only works a 3 – 4 short days a week already.
Charlie
Dear Charlie,
Probably the advisor needs to wake up and realize he is not the only one on the team. We do not want him to compromise his talent to bring in new business but you do need him to incorporate standard processes to follow to help the team function.
As I say “the input of one person is the output of another”, so if this is not happening their team is not as productive as it could be.
Oh, the power of a true team!
If I were to give you a magical formula it would be one forward thinking advisor who is open-minded plus proactive team members with aligned values combined with a heavy dose of standard processes.
Some things to think about:
- 1) Start capturing when the advisor does not follow a team procedure and let them and the team know what the outcome was when you think of time lost, the affect on the client and revenue lost.
- 2) Is the advisor taking too much time preparing for client meetings and are they trying to anticipate every question the client might have? They probably have a lot more information in their head then they are giving themselves credit for. Try and have them work backwards and give the bottom-line first then answer questions as they are asked.
- 3) Look at doing an analysis for the advisor and see how 9-10 meetings per week would work out.
If you haven’t already, you should complete a Kolbe Index on each team member. We use this with our clients as does Strategic Coach and many other consultants in Canada and the US.
It would allow your advisor to understand the talent on their team and clearly see ways to communicate better and leverage the team’s talents. We are not talking about learned behaviour or affective behaviour, just pure instinct.
Hi Joanne,
In your opinion what would be the best method to acquire referrals?
Bob
Dear Bob,
Simple answer: provide exceptional service.
You want your clients to be talking about you and your team. My favourite story is one of the exceptional service found at the Four Seasons hotel. I remember an advisor who told me how he went to the Four Seasons for vacation with his family as he had in the past and when they went into their room there was two small robes and two plates with chocolate chip cookies with his daughters names were written on them. He raved about his experience and the fact they had remembered the names of his children and from that story alone I am sure provided more than one client to a Four Seasons around the world.
I believe service equals assets and revenue through new acquired clients. If there is a gap in your client experience then you are probably not receiving referrals from your clients, COIs or bank partners.
A few other ways:
Centres of Influence is another way to achieve referrals as long as they know the type of client you are looking for so it is important that they understand your client experience, the profile of your ideal client as you should know about there. It is important to reintroduce yourself and your team to this concept. The more knowledge they have of what you can do allows the COI to tell your story.
Existing clients will provide referrals or at least that is what we always hear from survey after survey. 90% of clients are willing to give you referrals. Where are they, you ask? You have to have a formalized referral process to ensure you are working toward quality referrals.
Be sure to review every touch point to the client to ensure it is the service and experience you want them to have.
Treat your COIs like clients. Keep in touch and have them as part of your call rotation as you never know when they might need you. Out of sight is out of mind.
Hi Joanne,
At our firm, we are considering outsourcing some of our services, maybe hiring a fee-based paraplanner. For us, it is about providing a full range of services and maintaining focus. What is your opinion on pros and cons of outsourcing?
Nigel
Dear Nigel,
It is ironic that you are talking to a coach and consultant so what do I think about outsourcing?
In all seriousness, I think having a well rounded team takes thought and planning. I love your idea of maintaining your focus and not being everything to everyone. Know your talent and spend time in your most productive and effective mode. Outsourcing allows you to partner with another professional as part of your team without all the other expenses and responsibilities that come with hiring someone internally.
Pros
- Compliant existing talents
- Known expert in the field
- Experienced businessperson with a client base
- Flexible
- They take ownership for their role and their business
- You are their client
- Objective outside view
Cons
- Higher cost
- Different mandate
- Benefits and other expenses (office space, computers…)
- Time management (having to share their time with other clients)
- Not having the knowledge of your firm, processes and procedures
It is definitely something to think about and I believe you are on the right track. Do you have someone in mind? Do they share a similar philosophy and values as your current team? It is really important to clarify your expectations of this position before hiring someone so all is clear from the beginning of the relationship. Best of Luck!
To send along your questions for Joanne’s next column, send an email to AskAdvisor@advisor.rogers.com
Joanne Ferguson is the owner and president of Advisor Pathways.
