Your clients need a plan

Having transitioned from life as a captive agent (representing one company) to that of an independent advisor, I was looking forward to things becoming easier. After all, with more companies and products from which to choose, I would have something for everyone. I hung out my shingle, ditched the tie and opened the doors wide for the onslaught of new clients.

And then…crickets.

It quickly became apparent that having more choices wasn’t what prospective clients valued most. In fact, industry studies have revealed that product choice isn’t even in the top five things prospects desire. If not product choice, then what do they look for? What do those seeking financial security really want? More than anything, people seek clarity in their relationships with their financial advisors.

You may ask yourself “What does it mean to have clarity in a relationship?” It’s interesting to note that the majority of surveys and studies cite the reason most people leave their advisors is a lack of communication. Fair enough. The natural response would be to call or write more often, right? Not necessarily. Without clarity of purpose, what is actually happening during all this added communication?

“Hey, Mary, how are you?”

“Great, thanks.”

“Super, I was just calling to check in. Uh…talk to you soon. Bye.”

You may say this is an absurd example, but is it really? Without specific communication objectives, aren’t we really just going through the motions to generate touches for touches’ sake? Consider what making a connection with clarity might look like.