Chrisism #99 - Ongoing Client Engagement

10 September 2019

Why is it that advisers are typically prepared to bend over backwards to accommodate a prospect on their way to hopefully becoming a client even though at this stage they have a dollar value of zero, and yet as soon as they become a client and therefore represent a huge dollar value (now and in the future), the adviser drops them like a hot potato and moves on to the next prospect who is worth nothing to them?!

Once you have a new client on board, there are a number of ways in which you should be engaging them on an ongoing basis. Listed below are just some of the ways you can maintain regular contact with your clients and they don’t even include all the additional opportunities presented by social media:-

● Regular face to face reviews – these should take place at least once a year and there may often be good reasons for meeting with your client in between the scheduled annual reviews, especially if there has been a significant change in any relevant circumstances

● Policy anniversary phone call – if you take my recommendation to make annual premiums your ‘norm’, then this call is all important. When your client receives their annual renewal notice from the life company, the new annual premium required may look a bit on the ‘chunky’ side, so it is crucial that you call them to make sure they understand why the premium has gone up (CPI increase and age if a stepped premium) and let them know that if cash flowing the annual premium is a problem this year, then there are six monthly or monthly options. This call, therefore, is just another way of offering service and adding value.

● Wishing clients all the best on their birthdays is another tried and tested opportunity for making contact

● You may well send your clients a regular newsletter, which is great, but you may also want to send particular clients news items, articles etc. that are specifically relevant to that client’s business or even hobbies or interests. This demonstrates a more targeted and individual approach than a one size fits all newsletter.

● If a client has already demonstrated their willingness to give you referrals, then make sure you continue to ask them for referrals when you see them face to face on business. I find a good question to ask is: “Since we last got together, who have you met that you think I should meet?”

● Last but not least, make periodic social calls to your better clients. These may involve asking after the kids, how the holidays went or what they thought about yesterday’s big sporting occasion – whatever the subject matter, this will have the effect of adding layers to your client relationships.

The above is by no means an exhaustive list of the different ways in which you can keep in regular contact with your clients but, however you choose to do it, the important thing to understand is that keeping in regular contact with your clients means that you remain somewhere near the forefront of their minds at all times rather than receding into their deep subconscious, which also means that referrals are more likely to be just around the corner.

The Risk Workshop by Chris Unwin

Are you a financial adviser who would like all of your clients to have appropriate types and levels of personal protection? But perhaps you feel you need a more structured and client friendly engagement process?