After a very busy week, here's some things advisors need to know as they speak to clients this week.
CLIENTS WILL KNOW IF YOU CARE
"I've been in this business 25-30 years. There's that saying 'people don't care how much you know until they know how much you care.' Clients will forgive a certain amount of underperformance if they know how much you care and that you're working for their best interests. It's important to know about the client's life to do this well.
Hal Cumberland financial advisor with Raymond James Financial Services, Wichita, Kan.
USE TECHNOLOGY TO PERSONALIZE
"Today I attended a session at the conference on the iPad. I want to start using it more for conference room presentations -- showing clients presentations from across the table. It's less formal and more laid back."
Thomas Rillo, financial planner, Raymond James Financial Services, Bloomington, Ind.
KEEP CLIENTS IN THE KNOW WITH NEWS
"Keep clients up to speed on whats happening in the news and try to break down complex issues that can affect them, such as the fiscal cliff and sequestration with Congress. I craft an email letter and send it to compliance and then I send directly to the client. We've had very positive responses from clients saying 'thank you for helping make us aware of that.' The number of Americans who actually understand what's going on in the news is low. Advisors can do this to better help them with investment planning."
Jenny Hilliard, financial advisor, Raymond James Financial Services, Raleigh, N.C.
RETHINK CORE FIXED-INCOME
"Investors should add exposure to floating-rate, credit-based fixed income to their portfolio to replace low-yielding, interest-rate sensitive, traditional core fixed income."
Brad Friedlander, managing partner of Angel Oak Capital Advisors, Atlanta
SINGLE CLIENTS AREN'T SAVING ENOUGH
"According to a recent study by the National Bureau of Economic Research entitled 'The Composition and Drawdown of Wealth in Retirement,' married couples save an average of 10 times more than their single counterparts. Among other things, the report also highlights where peoples' assets are held, and provides food for thought regarding when annuities are suitable. You can read the full report
Robert Sofia, cofounder & C.O.O at Platinum Advisor Strategies, Ocala, Fla.
RELATIONSHIPS WITH ACCOUNTANTS
"With tax season behind us, there's never been a better time for advisors to approach accountants so that you can partner with them to help build your financial planning practice. Being able to offer comprehensive financial guidance for your clients is greatly enhanced when you have access to an interdisciplinary team that provides additional expertise. At this time of the year, accountants will have many clients looking for referrals to competent advisors, and as such, it's a great time for you to approach them with with the idea of a revenue sharing relationship. These types of partnerships will deepen client relationships, provide a higher level of service and open up additional opportunities for growth."
Paul Saganey, president of Integrated Financial Partners, Boston
FOSTER CONNECTIONS
"People want to work with people they have an affinity with. Make sure that your bio and marketing materials provide an opportunity for them to see some common ground. Never forget the importance of raising the prospects comfort level through your education, hometown, hobbies and charities."
Jill Anderson, vice president of marketing, Integrated Financial Partners, Boston
DIFFERENTIATE
"Dare to be different. You will never rise above the pack if you are part of the pack. Find a way to be memorable and differentiate your practice. I know one advisor who tried unsuccessfully for a very long time to get an appointment with the owner of a large construction company. So he hired an ice cream truck and sent it to the construction site of one of their projects on a very hot summer day. All the workers got free ice cream and the very next day the advisor got a call from the previously hard-to-reach owner. Business owners respect another business owner who shows creativity and diligence."
Jill Anderson, vice president of marketing, Integrated Financial Partners, Boston
