Beverly Flaxington is a practice management consultant. She answers questions from advisors facing human resource issues. To submit yours, email us here.
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Dear Bev,
I have been talking with a couple of advisor friends about developing an informal discussion group. We would share ideas and updates, but not secrets about the inner workings of our firms. None of us competes with one another, we are all based in different geographic areas and we each cater to different markets. Do you have any advice to make our sessions meaningful and practical?
Mitchell D., California
Dear Mitchell,
One of the things I admire about this industry is the willingness of financial advisors to share information with one another. Rather than have the “not enough to go around” mentality, advisors have an abundance mentality which is good for everyone, in my opinion.
Coincidentally, I recently organized and managed a peer-to-peer discussion group at a conference. Here are some of the important things we did:
- Don’t be too informal. In other words, don’t expect the conversation to just flow. Have a topic you will cover at each get-together and stay focused on that. Or, have each person contribute a topic of discussion in advance.
- Have a time checker and facilitator. It’s important to have someone whose sole job is to keep the conversation on time and on track and to make sure that everyone’s voice is heard. Some advisors are more vocal than others, and some need time to process and think. Be sure you allow for both types at your meetings.
- Set some ground rules. What do you want to share within this group, and what’s off the table? How often do you want to meet, and for how long? How much formality or informality do you want to have? Develop agreements in advance to avoid any conflicts in expectations.
- Elect someone to take note and follow up. That person should capture the discussion points or agreements for next steps and then circulate them to everyone who attended.
- Set meetings as far in advance as possible to avoid cancellations.
- Keep it fresh and fun. Most groups end up petering out because they cease to be valuable for attendees. Focus on keeping it interesting and useful for everyone.
Dear Bev,
Ahead of Valentine’s Day, a member of our team suggested sending flowers to our single female clients. This feels a bit too personal for me — and what about the single male clients? Do you have a perspective on this?
Brendan M., Midwest
Dear Brendan,
I can see why you Midwesterners are considered the “nice ones” if your employee came up with this idea!
I like your employee’s idea. In fact, I have heard about this idea from a couple of advisors – they say it’s particularly appreciated by widowed or recently divorced women. To avoid making the gift feel too intimate, you can just send the flowers as a thank-you gesture from the firm.
I appreciate that you are thinking about single men, too. The ideas for showing clients of either gender you care about them are only limited by your imagination. I’ll share some of the best ideas I’ve heard and implemented over the years.
- Upon the birth of a child or grandchild, send a Tiffany’s or equivalent piggy bank, to encourage them to start saving early.
- Write a handwritten thank-you note to clients periodically, not connected to a particular event.
- Celebrate an upcoming retirement or significant birthday or anniversary by working with the family to plan an event.
- For clients who have upcoming travel plans, send ideas or suggestions for places they can see and things they can do. Supply contacts wherever possible.
- Make a donation to a charity a client cares about in his or her name and have a nice note sent to the client acknowledging this.
- If you know of a topic a client is interested in, find a book on this topic. Inscribe it and give it as a gift.
- Gather information on a topic you know a client cares about – golfing, bowling, exotic travel, basket weaving, etc. Either share tips and ideas or find someone who is expert in the topic and offer your client the chance to speak with the expert.
This is just a short list of ideas. There are hundreds, if not thousands, of possibilities. The bottom line is that most people want to be known and acknowledged. Anything you can do to show you care about them past the fee they pay you for your services is going to win you points.
Beverly Flaxington co-founded The Collaborative, a consulting firm devoted to business building for the financial services industry in 1995; in 2008 she co-founded Advisors Trusted Advisor to offer dedicated practice management resources to advisors, planners and wealth managers. She is currently an adjunct professor at Suffolk University teaching undergraduate students Leadership & Social Responsibility. Beverly is a Certified Professional Behavioral Analyst (CPBA) and Certified Professional Values Analyst (CPVA).
She has spent over 25 years in the investment industry and has been featured in Selling Power Magazine and quoted in hundreds of media outlets, including the Wall Street Journal, MSNBC.com, Investment News and Solutions Magazine for the FPA. She speaks frequently at investment industry conferences and is a speaker for the CFA Institute.
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