How to Turn New Clients Into Loyal, Referring Fans in 90 Days By Robert Cobb

We've all heard the old adage "You never get a second chance to make a good first impression." The first few months after you bring in a new client is the most crucial time in the relationship. This is when you show new clients who you are, how you value them, and what they can expect from you.

The day that you open an account, the spectrum of impressions you can make on that new client is the widest it will ever be. The client is open to you—if anything, she's optimistic about you. Thirty days from now, she will have you figured out. But for the moment, you're mostly a blank slate. She trusts you enough to do business with you. So now what?

Most advisors drop the ball on client service during this critical period. You can use that natural weakness to put lots of distance between you and your competition; your clients will notice. Excel where other advisors fall short; your clients will talk to their friends about the special attention they're getting from their new advisor. You'll obliterate any buyer's remorse. They'll tell their friends how great it feels to know they've made the right choice. Their friends probably won't be getting this attention in their advisor relationships. And they'll be interested in hearing more.

Are you guilty of neglecting clients once you've won their business? It's tragic how many advisors drop the service ball in first 90 days. If you don't have a system in place to contact your new clients eight to 10 times in the first three months, you're missing a huge opportunity to build loyalty and earn referrals.

If I were to become your client today, how many times would I hear from you or your team during the next 90 days?

Be honest. And don't include confirms or statements.

Would it be once? Twice? Three times?

I read one survey that says the average advisor only talks to two out of three new clients—so one client gets no contact at all. And of the two that get attention, they only hear from the advisor, on average, once in the first 30 days after awarding him their business.

My own personal experience bears this out. Case in point: An old friend of mine recently became an insurance agent, and eventually he got around to calling me to ask for my business. I agreed to consider his product—and for the next three weeks, he proceeded to call me every day, sometimes even twice a day, until I finally bought. As I was signing the check, I said to my wife, "Well, at least the calls will stop."

That prediction came true, and then some. That was almost a year ago. Since then my friend-turned-agent hasn't called me at all—not even once. The grand total of his contacts with me since I gave him my business has consisted of two preprinted cards. One said, "Thanks for the business." The other wished me "Happy Holidays."

Neither was signed.

No second chances to shine

The 90-day dazzle for new clients

Here is a simple, inexpensive, easy-to-implement strategy for handling your new clients. It's designed to knock their socks off and turn them into raving fans. I call it the 90-Day Dazzle, and here's what you do:

Day 1: Your sales assistant makes a call introducing himself or herself and welcoming the new client to your practice. This shows that not just you but your whole team is ready to serve.

Day 2–3: Send a handwritten note to the client thanking him for the trust and confidence he placed in you when he opened his new account. That's right: handwritten. Don't underestimate the power of a truly personal note. It doesn't take long to do it, but it makes a big impact in this day of desk-top printables. After all, a preprinted card isn't commensurate with the trust clients demonstrate in you by handing over considerable assets. Show them they're truly valued.

Day 4: Your sales assistant makes a follow-up call verifying that the trades (if any) have settled and the assets moved and asking if there are any questions or issues regarding whatever paperwork has been sent.

Day 10: You and your assistant send the client a personalized gift, something modest but thoughtful that costs no more than $20. If you know of a hobby or dream that the client is passionate about, try giving a relevant magazine subscription. (This also serves as a monthly reminder of you, their amazing advisor.) If you haven't been able to key into a specific interest, I recommend a general-purpose gift like The Richest Man in Babylon, by George Clason.

Day 15: Send the client a binder with tabs for their financial plan, statements from your firm, statements from other firms, their tax returns, and a miscellaneous file. Not all of your clients will use this to its fullest extent—but those who do will give you much to talk about at your next meeting. (Sending an organizer also says something about the efficient and focused way you run your practice.)

Statement day: About the time the client is receiving his first statement, your sales assistant calls to see if he's having any problems navigating it and to sniff out any issues that might have arisen. If your client has a misunderstanding about anything you covered in the initial call, it's best to slay that dragon before it starts breathing fire. You assistant should ask good questions and listen well to ferret out anything that may be amiss.

Statement day + 10: You send the Ultimate Financial Advisor Referral letter. (This is available free, just send me an e-mail with UFA Referral letter in the subject line at BobCobb@ultimatefinancialadvisor.com) The sample letter is my own personal version; you should use a story or anecdote that resonates with you to similarly position yourself as an advisor with a true attitude of gratitude. Believe me, if you are sincere, a letter like this will give your client a great feeling about working with you and set you apart from the pack.

Statement day +20: You make a follow-up call with three specific goals:

1. Deepen the relationship. Assuming that you have been successful with your mission of positioning yourself as giving more personal service and being more reliable and trustworthy than others in the industry, this is a good opportunity to deepen the relationship and bring in additional assets.

2. Get referrals. If your client tells you that she is impressed with the service you have delivered so far, this is a wonderful time to ask for introductions to people she knows who could benefit from your services and expertise.

3. Get testimonials. If your firm allows you to collect testimonials to use in your marketing pieces, this is a great time to gather them. If this new client was referred to you by an existing referral source, ask him now to give feedback to the original center of influence (COI). The more positive feedback that person hears, the more business they'll refer to you.

End of the quarter: New-client-appreciation luncheon. The client appreciation lunch is a powerful marketing tool. Invite all your new clients from the previous quarter to the lunch. Send a written invitation, and when they RSVP, ask them to invite a friend as well. There's no better forum for meeting potential prospects.

Create a light and fun atmosphere at the luncheon, and wrap up with a thank-you and a request that your guests fill out a client survey sheet. Remind them that if they have enjoyed the level of service you have provided thus far, it's a great compliment for them to refer someone who could benefit from your service and expertise.

You can also invite COIs (attorneys, accountants, bankers, or other professionals from the community) to this event. It's a great way to give them a unique perspective on the level of service you provide your clients.

Imagine the impact this level of service could have on your practice. You're showering your new client with love for the express purpose of having him think, "Holy cow! I have been an investor for 20 years, and I have never had anyone deliver this kind of service."

Marketing is a game of inches, and in no game is the old adage "Perception is reality" more powerful. Follow the 90 Day Dazzle, and you will gain ground in the place it really matters: in the mind of your client.

Bob Cobb is President and Head Coach of Ultimate Financial Advisor, Inc. a sales training and coaching company dedicated to helping advisors create more revenue in less time. He is also creator of the 90 Day Dazzle Marketing Sequence. He is a frequent speaker at industry events. You can learn more about him on his website www.UltimateFinancialAdvisor.com