Many financial advisors will wholeheartedly agree that taking better care of their clients is ideal to growing their business.
One of the ways many successful advisors do that is by performing acts of kindness. Moreover, these advisors will seek out opportunities deliberately rather than waiting and randomly sending things as the thought arises.
After all, timing is everything.
Every time an act of kindness is performed, a story is created for that client to share. The magnitude and relevance of that act of kindness mirrors its shareability. The more relevant and impactful, the more likely that story will get shared.
Think of it as creating a great first impression with clients over and over and over again.
The unfortunate truth is many financial advisors drop the ball when it comes to creating acts of kindness for their clients.
Let’s visualize how gifts are typically given. Imagine having a pyramid that is broken horizontally into 3 sections. We’ll call it the Service Pyramid.
The base of the pyramid takes up most of the volume and is the foundation that everything is built on. Let’s call the base of the pyramid basic services.
These are things like smiling, answering the phone quickly, responding to emails promptly, holding the door, and keeping the office clean. These activities are the standard operations for running a pleasant business. You can find more information about providing a solid base level of client service in our Platinum Service Standards Procedure.
The middle section of the pyramid is filled with expected acts of kindness. Once these things are started, people appreciate them, and they expect these acts to continue.
Think about getting a birthday card in the mail every year for a few years from someone. Then, think about that person not sending a card and missing a year. You’re not sure what happened, but you noticed they didn’t send one.
How does that make you feel? Forgotten? Unimportant? No one likes to feel unappreciated. Once these types of activities are started, create a system to assist in following through and keeping them going.
The top of the pyramid is the smallest section and often where most advisors drop the ball. This top section is what gives the pyramid its shape. You might say it’s the point of this article.
These acts of kindness are the ones that go above and beyond. These are the stories that get told.
People feel good about a Thanksgiving Day card (expected), but they will brag about a Thanksgiving Day table centerpiece (unexpected). People who like golf might like a birthday card with a golf theme (expected), but they will brag about custom monogrammed golf balls (unexpected). People who are getting married might like a congratulations card with flowers to celebrate the day (expected), but they will brag about a custom sign with “The Smith Home, Established 2018” written across it (unexpected).
Rather than spending money, is there a way you can contribute your time instead? The cost of marketing can be defined in more than just dollars and cents.
People love great stories; give your clients a great story to tell.
Start small. Identify your top 20% of clients and make sure you have their preferences documented. What books and movies do they like? What are their hobbies? How do they spend their time on the weekends? Do you know the names of their kids? Grandkids? Pets? Do you know what their preferences are?
Once you have this information on hand, think about the acts of kindness that best fit each client.
The most successful advisors know what their clients’ preferences are and cater gifts to each client. The beauty of these unexpected acts of kindness is that they do not need to be expensive, elaborate, or extravagant. Even small acts can have a big impact.
It is important to note that advisors should do activities in all 3 sections of the pyramid: basic services, expected acts of kindness, and unexpected acts of kindness. Get creative and don’t be afraid to think outside of the box; that’s often where the best stories happen.
Platinum serves to help advisors make a big impact on their clients. We do that by assisting those advisors with practice management strategies, best practices, and processes to get those advisors to the next level with their clients. Give us a call today at 877-421-5593 and we can review what techniques and solutions are right for your business.