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Find Your WHY to WOW Your Clients

Why do clients do what they do? What makes them tick?

If you want to wow your clients, you have to understand this. However, the subtle art of delivering exceptional client experiences is as much about you as it is about them. Don’t believe me? Try this deceptively simple self-awareness exercise: for 24 hours, as you go about your daily tasks, ask yourself: “Why am I doing this?”

The tough part of the process is being honest. Don’t let yourself off the hook with answers like, “I’m making coffee because I need caffeine,” or “I’m driving to work because I need to get to the office.” Even for the most mundane action, there often exists a deeper motivation for the things you do, a motivation which I’ll call here your WHY.

Your WHY is your supreme mission. It’s the underlying element that leads to purpose beyond self. For your business, it also goes beyond just making money. When you act in service to your WHY, you feel fulfilled, energized and better prepared to create WOW moments, which Knowledge LabsTM defines as unexpected, thoughtful gestures that make clients realize you offer a level of service unique to them.

Can you tell when people you interact with are merely going through the motions? Well, your clients can tell that too.

WHY Gets You to WOW … But How?

Two examples that illustrate remarkable client experiences.

I have a friend and mentor who is a successful trial attorney. His WHY is to ensure that no one in Florida is treated the way his brother was treated by a major theme park corporation after a tragedy years ago. He intentionally tethers to that narrative daily, and as a consequence, his clients are systematically WOWed. The client experience his firm generates is second to none.

Or consider the adviser who took his wife and daughters to a Celine Dion concert in Chicago. “We’re here for the Celine concert,” piped up one of his daughters to a hotel employee. On the day of the show, a different employee knocked on the adviser’s door and asked if the family would like to join Ms. Dion privately as she warmed up on the hotel piano—with permission from the star, of course. From a WHY of bringing lifelong memories to their guests, a WOW was born.

Asking and answering WHY your team does what it does is a key to world-class client experiences and brand burnishing. Live out a sincere WHY, and your business will thrive. In an era of exclamatory texts and gushing social media posts, it’s the “sincere” part that’s key here. You don’t actually love everything and think everything is amazing, but by this point such superlatives have become habitual. It’s time for you—and your team—to focus on a WHY that is both real and actionable.

Three Steps to Discovering Your Team’s WHY

Find answers to the following:

1.) What makes your team unique?

2.) The hero in your WHY is not you. Who is it?

3.) Talk through your unique idea for WHY with five close friends who have your best interest at heart.

WHY leads to WOW, you watch.

Learn how the Art of WOW, can help you cultivate extreme loyalty among existing clients and grow your business.

Editor’s note: A version of this post appeared on the Janus Henderson Blog. See it here

John L. Evans.jpg

John L. Evans Jr., Ed.D., is executive director, Knowledge Labs™ Professional Development at Janus Henderson Investors. In this role, Dr. Evans works with the Professional Development Team and provides extensive consulting, training and practice management expertise. He is a sought-after expert and keynote speaker. He regularly contributes to The Orlando Sentinel newspaper on business and politics and is featured in the Advisor Center section of Barron’s magazine. Dr. Evans has authored books on client retention and client acquisition, including The Book of WOW and “A Genuine Persuasion System.” He also serves on the board of advisers for the James Madison Institute in Tallahassee, Florida, and Elevate USA in Denver, Colorado. Prior to joining the financial services industry, Dr. Evans was special assistant to former U.S. Senator Connie Mack and director of business development for the state of Florida’s No. 1 registered investment advisory firm, according to Wealth Manager Magazine, for 2007. Dr. Evans holds an MBA from the University of Miami and an Ed.D. in organizational leadership from Pepperdine University. 


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Best of 2018: Advisers: Recognize Your Walk-Away Moment

Editor’s note: This is the last of our top blog posts of 2018. Sometimes you have to fire a client. John Anderson of SEI Advisor Network gives our readers some tips on how to recognize that walk-away moment. A version of this post appeared on SEI’s blog Practically Speaking. You can find it here

In business—as in life—the lessons are often in the mistakes we make. But sometimes the better knowledge is seeing the mistake coming and avoiding it altogether. A routine exercise for business owners is the “what worked” and “what didn’t work” review of their practice. For many advisers, when considering the “didn’t work” part of the equation, the overriding theme is “I knew better but…”

Here are a few scenarios:

  • Adviser A: Had a client ask him to manage half of his assets, while the client self-managed the other half.
  • Adviser B: Built his practice with farmers and ranchers, then found himself working with two ultra-wealthy clients that were taking all his time.
  • Adviser C: Was amazed when he got a call from an $80 million lottery winner. He was managing only $35 million at the time.

Each of these advisers got to a point where either they were fired or they fired the client. On paper, or with the benefit of hindsight, it is easy to say they should have never taken on the client. But how do you prepare yourself if you’ve taken on a client who’s not a good fit? What can you do to identify your walk away moment?

Why Walk Away? Two Sides of a Bad Relationship

Each scenario was a challenge for the adviser who was involved—a challenge that upset their business. It is easy to see the adviser’s side of the bad relationship, what we often miss is the other side. The effects it has on the office:

1) Staff. The staff has to deal with major interruptions that an ill-fitting client brings to the table. Requests that are outside of normal process and procedures take time to learn and process. It drags down efficiency and because it is new, opens up potential for mistakes

2) Marketing and client relationship management. Time spent on ill-fitting clients takes away from marketing and new client acquisition for many advisers. What could the adviser be doing better with his/her time?

3) Revenue. For the adviser who lives in an AUM world, we know that with planning, onboarding, etc., the revenue earned is backloaded over time. In other words, the time you spend upfront with a client is earned back over the years from the advisory fees. A short-term relationship typically does not pay for itself

Avoiding in the First Place

One of the challenges for most advisers is to understand their target. I have often written that creating a persona or an avatar of your ideal client as the way to specialize your practice, and to focus on a niche. Some advisers however, are not ready for that level of specialization and a few may not go that deep. No matter where you come down on identifying the ideal client, I think it always starts with a few things:

  • What is the target? Simply stated, in the broadest terms possible, everyone in the “class” of people that you want to work with. The class could be the type of business that you find most interesting such as legacy planning or income planning or it could be retirees in general etc.
  • What is the ideal? Again, in broadest terms, what do they value or what will they value from your relationship?
  • What is the deal breaker? What will they not value, or what would cause you to walk away?

Note: Each of these is a subset of the others. The “deal breaker” is a subset of your ideal clients; the ideal clients are a subset of the target. Knowing the deal breaker before they walk in the door makes it easy to say no, or to direct them to someone else that can fit their needs.

What Happened Next

The client fired Adviser A (above) after a year. The client’s reasoning, “I know you outperformed me but I just can’t give up managing my own assets. I guess I’m not much of a delegator.” All of Adviser A’s pre-work, planning and effort was wasted.

Adviser B terminated his relationship with the ultra-high-net-worth clients. He found them a home with another adviser that had a more investment-focused service model. The staff was thrilled to go back to their type of clients—ones who appreciated planning and were less demanding.

Adviser C could not compete with the constant second-guessing by competitors and family members trying to get a foothold into the $80 million lottery winner’s life. Every waking moment was spent defending and babysitting the assets and the client. He gladly went back to his recently ignored book right after the new client fired him.

We all know when something does not feel right. Maybe we should be prepared beforehand, in writing, so we are more prepared to walk away when it doesn’t.

John Anderson

John Anderson is the managing director of Practice Management Solutions for the SEI Advisor Network. He is responsible for all programs focused on helping financial advisers grow their businesses, create efficiencies in their operations and differentiate their practices. He is also the author of SEI’s practice management blog, Practically Speaking.


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10 Steps to a Great First Meeting

Engaged team members need to know how they influence the success of the business. (4).pngYou’ve finally gotten a meeting with that top prospective client you’ve been trying to meet for weeks, maybe even a couple of months. Congratulations!

Now what? If you’re like many planners, you’re excited to have finally landed the appointment, but perhaps a little apprehensive about making sure the meeting goes well.

Here are 10 steps you can take to pave the way for a successful introductory conversation.

  1. Do your homework. Google, LinkedIn, Facebook and other online resources can provide a wealth of information about your prospective client. However, keep in mind that you’re not compiling a dossier but simply looking for potential areas to explore—their employment, where they live, their family, organizations they’re part of and activities they enjoy.
  2. Determine the specific result you want to have from the meeting. What do you want your prospective client to think, or more importantly to do, as a result of having met with you? Is your goal that you mutually agree that you’re a good fit? Do you want them to schedule a discovery meeting or send you their statements? Be specific.
  3. Write out an outline or structure for the meeting that you believe will enable you to achieve your desired result. Think about creating the best flow. The better you plan for the meeting, the more likely it will be successful.
  4. Confirm the meeting with your prospective client. Send a calendar invitation, and then follow up to confirm the day before your meeting with an email, text message or phone call. Reiterate how much you are looking forward to your time together.
  5. Be intentional about what you take along to the meeting. A notepad is a must. A couple of simple one-pagers (your bio, your differentiators, your process) that support your story can be much more valuable than a slick marketing brochure or research piece.
  6. Focus on learning about them. Demonstrate a client-first mindset. Ask questions. Show genuine interest in their story. The more you learn about your prospective client, the more you will be able to connect your story to theirs.
  7. Know what you plan to say. If they aren’t a good fit for what you do, communicate that. Share that based on what they’ve shared about themselves and what they need from a financial adviser or planner, as well as how you typically serve your clients, you don’t think you’d be a good fit for them (or, cost effective for them) at this point. Be kind. Communicate that you’re not right for them, not that they’re not right for you.
  8. Describe what differentiates you. If they are a good fit for you, tell them how you’re different from other advisers and how you believe you can help them. Conclude with, “Based on everything you’ve told me about yourself and what you need, and how I typically serve my clients, I think we’d be a good fit to move forward to our discovery process.” Then stop and wait for their response.
  9. Set expectations. Assuming they agree (and why wouldn’t they?), set clear expectations for next steps and gain their agreement.
  10. Always follow up with a note of thanks, recapping the key takeaways from the meeting and confirming those next steps. Your note can be handwritten on a card (more personal) or by email (much faster).

Remember, everything you say and do communicates a message to your prospective client. Make certain it’s the message you intend.

Enjoy a productive meeting with your next client!

Susan Kornegay Headshot

Susan Kornegay, CFP®, is a partner at Pathfinder Strategic Solutions. After more than 30 years as a financial adviser, branch manager and practice management consultant, Kornegay enjoys helping financial planners define a comprehensive and consistent client experience and then market that experience in clear, client-friendly language. She is a coach, along with Adam Kornegay, RCC™​ in the Messaging and Marketing Strategy FPA Coaches Corner.