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Tactics For Keeping Clients

I received a letter from the company that manages my financial portfolio. The letter said that my financial advisor of 5 years, Harry Eschbach, was no longer with the company and my account was being handled by another broker.

"What!" That's exactly what I said; only I did it out loud.

A simple letter tells me that my business, my "very-important-retirement-money-business" is being handled by someone else. I said to myself "Let's wait and see if Harry calls."

A few days later, Harry called and explained the situation. He said "I want to be in business for myself. I want to retire with something, the product of my work. With the other company they would keep my clients if I left".

I understood what he meant clearly. It's been four years since I left Oracle Corp., because I wanted the same thing.

But the big question (and the point of the story) is why stay with Harry who is starting his own business? Why not remain under the perceived protection and coverage of one of the five largest financial advising companies in the U.S.?

I'll tell you why. Once, feeling optimistic, adventurous and lacking common sense, I asked Harry if he could invest some money in a couple of aggressive and slightly risky mutual funds but I would need to cash out after one year. He asked "What do you plan to do with the money after you've cashed out?" I said "Use it to buy a house?" he answered "Put your money in a savings account, those funds are for your home!"

He could have taken the money, a nice sum, invested it and made his commission, but didn't. He advised me honestly, correctly and, fortunately for me, I listened. By recommending a different path and not taking advantage of my impetuousness, he gained a client for life.

The answer to "Why stay with Harry?" is simple. Because I have a strong relationship with him and he's always fostered that. Now I'm one of his new clients.

This is a new year, if you haven't planned your marketing strategy yet, or even if you have, I suggest you incorporate into it a relationship building strategy.

3 Tactics for a strong relationship marketing strategy:

	Call your clients. Do what Harry does; schedule an hour once a month when you call all your clients just to say "Hi, I'm here if you need me." You'll be surprised by the new opportunities that will arise and the many heartfelt "Thank you's" that you'll receive. Don't underestimate this tactic, this one is very powerful.
	Always be honest . . . always. Keep your relationships 'truth-full'. Nothing will destroy a relationship like a lie. Every good thing done is invalidated by a lie. This applies to absolutely all types of worthwhile relationships. Mistakes are forgiven, lies are never forgotten. Remember that.
	Start an eNewsletter program. The grand daddy of relationship marketing tactics. This tool in itself will drive your relationship marketing strategy. Why, you ask? Because if you publish regularly and provide useful and relevant information, your clients and prospects will come to see your messages as sources of advice and they will see you as their ever present source.

No matter what industry you are in or how short your sales cycle is, we can all benefit tremendously from strengthening our relationships with our clients. After all it is cheaper and quicker to sell to existing clients than to constantly be trying to get new ones.

As always, we are here to help. If you are interested in starting your own eNewsletter program contact us.

Oh, before I forget, for a great financial advisor contact Harry Eschbach at 305-799-6834. It sounds like I wrote this on a men's bathroom wall? I didn't, I promise.

Got a similar story? Let me know and I'll feature it in March's issue. Just reply with your comments.

If you like your friends.

Marcos J. Menendez

Loop Consulting Group- creating eNewsletters that create strong and profitable relationships.

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