Keep ideal clients

Advisors need to excel at two things: acquiring and satisfying their top clients.

The main way to strengthen wealthy customers’ loyalty is to solve their major problems. You must communicate clearly to ensure they understand and accept your proposed solutions and working style.

Read: Don’t cross the line

Then, they’ll gladly grant you access to their centres of influence. This is valuable since research suggests the majority of rich investors often seek a second opinion when dissatisfied with returns.

To keep and gain ideal clients, adopt the following four steps:

Proactive contact

If wealthy clients are calling you, you’re not doing your job. Instead, reinforce that you’re regularly monitoring their financial situations.

Read: Millionaire clients want preferential treatment: Forrester

TIP: Start the check-up conversation by saying, “Hi, I’ve been closely monitoring your portfolio, and wanted to update you on my current focus regarding your objectives.” Then, discuss their top goals and ensure you’re on track.

Prepare to impress

Our research tells us rich investors primarily want advisors who can effectively execute formal financial plans, as well as gauge their risk tolerances and offer to organize all aspects of their financial affairs.

Read: Don’t misjudge risk tolerance

TIP: Find out what’s going on within their families. This helps you better understand the family’s goals and positions you to get to know the children of top clients, who could eventually become your clients.

Meet on their turf

Use what you discovered while getting to know your top clients. When meeting them, offer to go somewhere they enjoy and be aware of their hobbies and preferences. For example, they may have favourite types of food or sporting events.

Read: Beef up your book with prospect dinners

TIP: If you’re meeting socially, don’t discuss strictly business. Everything should revolve around something that’s important to them on a personal level.

Seek referrals

Your clients’ friends and family members might welcome risk audits on their portfolios if they’re not receiving top service with their current advisors, so tell them you’re willing to help out. Frame the comment as though you’re offering a favour and explain why second opinions are helpful. Then, follow up with your clients about the referral within a week.

Read: 5 ways to get referrals

TIP: When you uncover a name during casual conversation, ask if the person has had a risk audit on his portfolio only after making some small talk and getting a sense of their experiences with advisors.

Matt Oechsli is the author of The Art of Selling to the Affluent. His firm, The Oechsli Institute, does ongoing speaking and training for nearly every major firm in the US. @mattoechsli