Want to grow your advisory firm? High touch trumps high tech every time

In the Q&A portion of a talk I delivered to financial advisors recently, one approached the microphone with a quandary. He said the technology he used to serve clients was his chief competitive advantage — and the main reason clients stayed loyal to his practice over time. Nevertheless, the advisor continued, he'd been hitting the same revenue ceiling for years and didn't know how to grow. 

Reality check: Although many advisors believe that technology is the magnet that attracts the best clients to their firm, those top-notch "gets" don't often lead to more referrals. Can the right technology tools dramatically boost your productivity? Yes. But if we're being honest, how often does a referred prospect meet with you because they heard about how skilled you are at navigating artificial intelligence? Probably never. 

READ MORE: How the relationship between financial advisors and technology is changing everything

The top advisors I coach use high-tech tools behind the scenes to increase productivity in order to have more time to be more productive where it matters most — giving their best clients a personal, face-to-face experience, which will lead to more referrals, thereby growing their business. 

Here are three ways to employ high-touch methods to boost practice growth.

Step 1: Keep it simple

When I was a young financial advisor I was convinced that I needed to be the smartest person in the room to succeed. I worked hard at impressing prospects with financial jargon and big words. It didn't work. 

Then I realized that people weren't paying me by the pound for the reports I printed out or for how many charts and graphs I could cram onto a flash drive. It only led to clients feeling dazed and confused, which was neither a compelling reason for referrals nor a recipe for business growth. 

READ MORE: 5 takeaways from Arizent research on using tech to win next-gen clients

Over time I learned that technology is more for the advisor than the client. You see, the busier and more successful a client is, the less complexity they want in their lives. They will, in fact, pay you more to give them less. They want you to use your high-tech tools to battle their complex financial situation so that you can give them a simple plan of action.

Step 2: Schedule spontaneity

Staying top of mind with top clients ensures they know how much you care about them.

In the past, I've recommended that advisors see such clients face-to-face every three months. But in these days of news overload, political worries and economic concerns, 90 days can feel like a long time. They need to hear from you more often. Why? Because they are probably being contacted by other advisors who want to convert your best client into their best client.

READ MORE: Clients ditch advisors who are bad communicators. Here's what to do

One effective way to surprise and delight most-valued clients is to call between scheduled visits. Such less-formal talks will elevate your standing in their minds. To make it easy, list your top 10 client relationships and have your assistant put one 10-minute call per month, per client on your calendar. Remember, it's scheduled for you, but it's spontaneous for them. 

The script should be a variation on: "As I was monitoring your account, I wanted to let you know something." Then mention why something they're invested in now is doing well. Or share why you're concerned about something they're invested in and how you're keeping an eye on it for a possible change. Often, you'll leave a message. But whether you speak in person or not, the call communicates that you're on top of their account and that you're working behind the scenes on their behalf. With this system, the client is reminded of the value you add every month.

Step 3: Leverage your reception area

When your clients arrive at your firm's reception area for a meeting, the last thing they need to see or hear is a TV set locked on a business channel blaring stock market volatility and economic woe. Instead, think of your common area as a decompression zone, like a private airport lounge that gets passengers relaxed before their flight. 

READ MORE: Helping clients cut through the noise of recurrent crises

Have a dedicated team member come sit and chat with the client while they wait. In our lobby, clients eased back into leather couches and oversized chairs. They relaxed. They smiled. They laughed. And they built relationships with our team. When advisors came out to greet them they were calm and ready to focus on their financial goals, their future and your advice. Once in the advisor's office, they were treated like VIPs — the star of the show. It was all part of the intentional, unique experience we provided.

As a financial advisor hungry to grow your business, use your high tech to let you do more high-touch. Get the best technology you can afford. Use it to solve the complex financial problems your clients need. Then use your increased productivity to increase your face-to-face productivity with your clients. You'll put yourself on the path to being a more memorable, caring advisor who begins to reach their growth goals. Deeper relationships lead to more referrals and that helps grow your revenue.