Blondie came to town last week and I was fortunate to catch the grande dame of rock and was swept up with the rest of the crowd for her Call Me rendition.
It made me focus on an important message that still seems lacking in some areas of the financial planning world.
I cannot recall the number of times that I’ve heard business coaches and consultants tell financial planners that checking in with their clients – by calling them once a quarter or when the market is experiencing swings or when their situations change is returned several fold to the business.
It’s such a simple win that I assume the message has gotten through.
And it’s not a new idea. In the decade or so I’ve been involved in the financial planning world I’ve heard it said again and again. Call your clients!
The business of financial planning is about building relationships and trust so keeping in touch is vital.
This week I heard that one of the reasons clients give often for leaving their planner is that he or she didn’t return my calls.
I find that amazing. What an easy win. During this time, when it is more than usually important to justify the cost of advice and demonstrate the value – a phone call is surely a small ask.
Over three months’ ago, I contacted my financial planner about my changed circumstances. I’d put my investments on hold and said I’d call when I was ready to start reinvesting.
Since then, I started a new job, circumstances again changed and I hadn’t called. But I’ve had no call from him either.
I’m now ready to restart my investments. Do you think I’m going to call?
When circumstances change, often there is a cleansing moment. Cleaning out my wardrobe was one of my actions, redoing my financial plan was another.
If my financial planner had run to ask how I was doing, show empathy with changing circumstances, ask if there was anything he could help with I would have made an appointment to talk strategy.
As he didn’t and I was keen to change strategies I found someone else who has already demonstrated greater understanding.
It’s a personal relationship and financial planners should never forget this. The argument that the planner owns the client can only work if the relationship between the client and planners is solid and maintained.
Business Health has crunched the numbers on how much difference being in touch with clients can positively affect a business’s profitability.
These are sobering stats for those who haven’t picked up the phone but encouraging for those who keep in touch.
Remember, as Blondie said, Call Me. Call me on the line, call me anytime.
