How a Teenager and Skype
July 16, 2013 by Dan Richards
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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.