Many clients don't fully understand the amount of work you do on their behalf behind the scenes. These are easy ways to pull the curtain away, showing you are providing great service. (Photo: Shutterstock)

“What have you done for me lately?”  Once you've got the client, the challenge becomes keeping the client, especially when recurring revenue from fee-based income is involved.

Realtors understand this challenge. Historically, there's been a distinction between financial advisors and realtors.  For an advisor, when the prospect says  “Yes.  I'll buy the stock,” the work is done.  The trade settles three days later.  For a realtor, when the prospect says  “Yes.  I'll buy the house” the work is just getting started.  The realtor needs to keep the deal together through the mortgage and inspection processes and all the other bumps in the road before closing.

Managed money and fee-based income has turned advisors into realtors.

How does this apply to you? Realtors need to make a compelling case to keep their client at the firm as competitors are trying to lure them away.  You can do it too.

Here are some easy steps to keep clients happy and feeling important.

1.  Meaningful contacts.  You've seen the statistics.  Clients feel like they are getting good service if they get six or more meaningful contacts a year.  Although birthday cards are important, meaningful is seen as not just calling to check in and say hello.  Your client is in managed money.  Lots of stuff takes place behind the curtain.  They may have chosen to suppress trade confirmations.  What's meaningful?

News is breaking all the time.  Your client likely watches CNBC, CNN or Fox News in the morning and hear about the latest world event causing anxiety.  Call and talk about it.

Or you hear a product  made by X company has safety issues.  You don't own any of that stock in your portfolios.  Competitors such as companies Y and Z might benefit: “I've seen the trade confirms – your manager just bought shares of Z company yesterday.”

2. Portfolio reviews.  Clients want report cards.  Getting them to focus on their holdings on at least a quarterly basis is a great idea.  Regardless if they are up or down, if they feel you “have a handle” on the situation, they may be open to adding more money, because most people are optimists.

Review every holding, treating each “manager” as if they were a single stock or mutual fund.  Even if the market isn't doing well, hopefully something is going in the right direction.  The client may want to reward that manager with additional money.

3.  Progress to goals.  Portfolio reviews can be tough.  Clients compare their overall performance vs. a popular index like the S&P 500.  They get upset if they feel they fall short.  The index is 100% equities.  They likely have a blended portfolio.  You need a blended index for an apples to apples comparison. It's human nature to want to beat the index.  But what about the risk you take getting there?

Years ago, a New England advisor compared where a client is now and the goal they set.  They calculated the necessary return and named it the “Family Index.”  They compared performance to that number.

Using the family index has advantages and one disadvantage. Return is often a lower, manageable number, especially with a long time horizon.  If the family index is low and you exceed it for a few years, it can be recalculated, resulting in an even lower number.  This is good as the client ages and wants less risk.  The disadvantage is the family index is a positive number.  The stock market delivers a negative return.  You missed the mark and the recalculated family index is a higher percentage.

4. Continuing education.  Your client calls.  You are away at class.  Don't apologize when you return – explain you are studying for an additional professional certification, if that's the case.  Explain what it is and how this new knowledge might benefit them.

Then your client doesn't get the feeling you are coasting in your career.  Instead, you are always learning.  They may have CE requirements in their field and will likely be curious how your new knowledge can be put to work for them.

5. Get and give credit when it's deserved.  When a client needs something, like documentation for tax purposes, they usually talk to your assistant.  The document is found and sent off.  End of story.

It makes sense for you to call and confirm receipt.  Once you know the job has been completed satisfactorily, take time to walk them through the details.

In another case, your assistant determined that piece of data was in central records storage at the firm's HQ.  It's old, still on paper.  He called the relevant department and made the request.  They found the document.  He insisted it be overnighted to the office, then overnighted it to you.  You give all the credit to your team.

Your client had no idea of the work involved.  You demonstrated the resourcefulness of your team and how the firm came together to solve their problem.

6.  Recommended publications.  You can't control what your client reads or watches, but you can try to influence it.  Have a conversation or compose a (compliance-approved) letter indicating you follow several news sources, online and in print to stay on top of the financial markets.  You thought they might be interested.  You name a few.  The publications might be the WSJ, Barrons and the Economist.  The website list leads off with your firm's online portal for research.  Find a site with a chart showing what's driving the S&P 500 sector by sector in real time.

Clients will realize you are paying attention.  They will check out some of the resources you suggested.  They might call and ask why you find them useful.  You will have directed them to mainstream sites for financial news.

Many clients don't fully understand the amount of work you do on their behalf behind the scenes.  These are easy ways to pull the curtain away, showing you are providing great service.

Bryce Sanders is president of Perceptive Business Solutions Inc. He provides HNW client acquisition training for the financial services industry. His book, “Captivating the Wealthy Investor” can be found on Amazon.

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