Principle 24: It’s the Relationship, Stupid! (Part II)

Clients Aren’t Cattle

And, if you treat them like cattle, they’ll treat you like a cattle prod or an electrified fence. They will simply avoid you. They will not want to come in for reviews. They won’t call you when they receive an inheritance or need to rollover their 401k. They’ll second guess you and resist your advice. They won’t send you referrals. You’ll be reduced to product selling, peddling your wares like a door-to-door salesman. Wait. Maybe product selling is what you do now, and you feel like you’re on a runaway train: you can’t jump off or you’ll surely die, so you hang on and hope for a miracle. I am here to tell you that you can escape the certain disaster of mediocrity. You can turn it around and develop the practice you’ve always dreamed of, if you will just start to focus on the relationships.

The problem with too many advisors is they are in a hurry. They are in a hurry to see the next client and they are in a hurry to make the next sale.  The clients don’t really matter so much. It’s their money that advisor is after. Some advisors run up to 40 appointments a week and skip lunches (no kidding, I know some). This is madness. You can out produce these folks with a fourth of the appointments, and you’ll sleep better at night. You’ll get all the client’s assets. You’ll have a happier staff. And, you’ll have more free time than you’ll know what to do with.

A Little Experiment

Try this: the next time an existing client comes in for a review (You do those, right?), schedule it for 90 minutes. Spend the first 45 minutes with their file out of site, and your notepad, calculator, and pen still in the credenza drawer. Have your staff bring in some hot coffee or an icy cold beverage and something sweet to munch on, say, some fresh baked cookies (get a toaster oven). Once the client sits down and is served, clasp your hands on top of your head, lean back in your chair, smile broadly, and say, “It’s really great to see you. Tell me what’s new in your life.” Then just listen. Ask more questions. Keep the conversation going. Tell a related story or two. Show genuine interest in the client’s personal life. Laugh a lot. Share a little of your own story (remember, intimacy is spelled in-to-me-see). Make friends. And, keep doing it every time you see them. Soon, they’ll start to look forward to the visits. They will enjoy themselves in your company. They will leave your office with a sense of satisfaction and contentment, and they will start to care about you (this stuff really works). It’s called love. Spend it lavishly on others and it comes back to you in spades.

There IS a Silver Bullet

Clients won’t hire you, or if they do, they won’t stay long, if they don’t like you, trust you, and find you competent. But, even if you are hitting on all these cylinders, if there’s no relationship, you’ll eventually be toast. Why do people go to class reunions, keep seeing the same doctors, stick by their friends through thick and thin, frequent the same restaurants (even if the food isn’t that good), and stay in difficult marriages? Relationships. Sure, you need to be good at your work, produce reasonable returns, throw a good party, have a nice bedside manner, and all the rest of it. But, what truly builds the business and gives it longevity is your ability to make friends with your clients and build strong relationships with them. There’s your silver bullet. It’s the relationship, stupid!

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