What if a key company contact changes jobs? Take a proactive, not a wait-and-see, approach

What would happen if you lost your best client? This is a problem often faced by experienced financial advisors. Their business evolves to the point where the majority of their revenue comes from a handful of clients. Sometimes only one or two relationships. If the client dies, their business declines substantially. As a benefits professional, every client has the potential to be a big, long-term relationship. That’s why you need strategies to preserve each relationship if something happens to your connection.

What can happen? Your previous contact might receive a promotion or a transfer. That can be a good thing. Your previous connection might have been hired by a competitor in a similar role. That’s another positive outcome. The company might have been acquired and departments are being combined to avoid duplication. That is bad. The company might be undergoing a reorganization. That could go either way.

1. Will your current connection hand off the relationship? If change is inevitable, this is the best possible outcome. You and your connection were on good terms. They are now in another division or being moved to another continent. Make a plan to meet your connection at their office. Plan to take them out for a celebratory lunch. Is their replacement in the same department or the same building? Can they do an in-person introduction and tell them about the history and benefits of your business relationship?
2. What to do when your contact suddenly is replaced? Suddenly they are no longer there. E-mails to their business address bounce back. You call and get voicemail. This situation can be handled in two parts. The first is connecting with the new person. Who are they? Do you know other people in the same department? Can they give you any more information? Once you have a name, look them up on LinkedIn. What can you learn about them? Get an appointment to see them as soon as possible. New people often like to make their mark by shaking up relationships. Try to make sure yours is not one of them.
3. Reconnecting with your previous contact. This builds on the disappearance scenario. You were on friendly terms with this person. They were a good business partner. If you do not try to reconnect, they might get the impression you had respect for the pen (that signed contracts) but not the person. Do your best to track them down. LinkedIn can be helpful. Meet with them in person if possible. How much of the story can you learn? Are they on good terms with their replacement? Are they looking for another job? How can you and your connections be helpful?
4. Your previous contact in their new job. There are few instances in life when you can “Have your cake and eat it too.” This could be one of them. Your connection had the power to choose providers and sign contracts at their previous job. Now they are in the same role at a newer, larger company. You have a potential ally and the ability to start cultivating a new client relationship. Try to learn about the firm, their current benefit plans and what employees say they need but are not getting. You might help design an employee survey for them.
5. What if the company has undertaken a reorganization? Reorganizations often involve cost cutting. There are fewer divisions. Departments are combined. The headcount is lowered. Your connection might still be in their role. They might know consolidation is coming and their position is at risk. Can you show how your product is cheaper and better than competitors? Can you show how your product has saved the company money? Can you point to a correlation between the benefits you provide and employee satisfaction with the benefit plan? Can this be tied into employee retention? You want to make the case you are part of the solution, not the problem.

Related: Benefits selling: Mastering the art of identifying new business opportunities

When a longtime contact person leaves their role, it is easy to expect a renewal of the relationship or a request for proposals will follow. You must be proactive to save current relationships and plant the seeds for future ones.

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” is available on Amazon.