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February 08, 2021 at 05:06 PM
Act, don’t react. Be ahead of the curve. We don’t keep up with the Joneses because we are the Joneses.
Many clients probably want to be thought leaders. Another way to prove your value is to get them thinking ahead.
1. How involved do they want to be in the investing process?
There’s been an industry sea change over the past few decades towards managed money and fee based accounts. At the same time, investing has become a spectator sport. Lots of clients watch CNBC.
Sound them out about their desired level of involvement. The client who always agrees when you call with stock ideas might be comfortable moving to managed money and outsourcing to the professionals. The client who calls saying “I’ve got this great idea” sounds like they want to be an active trader. Are you being responsive?
2. When would they realistically like to retire?
The pandemic has reminded us of our own mortality. Your client might like to move their retirement date forward.
You won’t know unless you ask them. What would need to happen to make that possible?
3. It’s 2021. Have they made retirement plan contributions yet?
You’ve heard “Time in the markets, not timing the market.”
Get this year’s funds put to work as early as possible.
4. What will they do with their annual bonus?
It gets paid the same time each year. If you wait for a call, you might learn their bonus paid for a new kitchen. You have been talking financial independence with your client.
Have a plan for putting that bonus money to work. Have ideas that get your client excited.
5. What are their plans for their tax refund?
According to The Washington Post, about 73% of Americans filing taxes received refunds last year. The average amount might be in the low thousands, but this money should be put to work.
