As we were working with a close client (owner of a successful advice firm), he casually mentioned in passing that it was time for him to start planning his Xmas events – his end of year client event (catered luncheon at a local club, recognised guest speaker and a 2026 review from the practice) and hampers for his ‘A’ clients. These activities have become a tradition in his practice.

It caused me to reflect – in our brave new world, is there still a place for these types of initiatives. Are they truly valued by the client and does it repay the owner’s efforts, time and money?

Our client was rightly adamant, he knew his clients appreciated and valued these interactions – his client survey (BH’s CATScan survey) results proved it (top quartile), as did his high client retention and referral rates. He values the adviser-client relationship and this is his way of saying thank you to his clients. Much more than words – these gifts and events are proof positive of connection and engagement.

We’re written previously about the adviser-client ‘Relationship’ and how it’s the highest rated KPI we ask clients to rate in our client survey. While technical expertise, knowledge and efficiency are valued by clients, they are expected – that’s what clients are paying for after all.

But maintaining a deep and meaningful relationship with clients presents a much different challenge. Enter the value adding, extra mile initiatives, as demonstrated by our client. Old school? Maybe. But they also produce results and allow, in this case, our client to differentiate their offer.

The very nature of financial planning ensures that for most, client and adviser alike, the relationship is a personal one. Together they have embarked on a journey, and as with most journeys, milestones will be reached along the way. Why not acknowledge and celebrate as appropriate, these milestones together?

Milestone events that happen to your clients (apart from having a superb financial plan of course!):

    • The purchase of a new home – perhaps send a housewarming gift, flowers to brighten up the home, guide to restaurants in the local area.
    • Birth of a child or grandchild – basket of baby essentials.
    • Taking their bucket list holiday – a guide to the location, or a bottle of wine from the region or a list of local attractions and events you know your clients will like.
    • On retirement – vintage champagne or a bottle of aged whisky perhaps.
    • A new job.
    • A promotion at work.
    • Child/grandchild wedding.
    • Becoming mortgage free.

Milestone events also happen:

    • On becoming your client – a welcome pack (“this is how we do things around here”). Why not include a couple of tickets to the theatre, exhibition or event with a handwritten note (“enjoy yourself, while we look after your financial plan”)?
    • Why not send an ‘anniversary’ card recognizing the anniversary of becoming your client?
    • A thank you for when they refer you to others.
    • “How’s things?” telephone call. Still hard to beat the sound of human voice.

While there is no substitute for valuable advice, the client relationship can often turn out to be much more. Some other ways we’ve seen practices go the extra mile for their clients:

Relevant, life related workshops:

    • Running ‘pre-retirement’ workshops for your clients (and their friends) to help them prepare; invite a guest speaker to talk through the issues and challenges your clients will face on their retirement.
    • Running a workshop for your SME clients on business planning and management; accounting systems, cyber protection – the stuff a business owner should know, but very often puts off for another day.
    • Estate planning or aged care – the ins and outs.
    • Tips and traps of being guarantor on a loan.

From left field:

    • In addition to providing a car parking space for clients, one Melbourne based practice also arranges for the car to be washed while the client is there (dry wash).
    • Foyer reception area with a wifi code for clients and guests to utilize while waiting for their meeting.
    • One Sydney based adviser hand-delivers a tray of the season’s first peaches to each of his ‘A’ clients.

The 5 year itch

The latest analysis of our CATScan client survey data has thrown up an interesting stat around the length of time the client has been with their adviser. Clients who are approaching their five-year mark don’t rate their adviser as highly as other durations.

It seems to us that it’s around this time that some clients begin to question the value of the relationship they have with their adviser (we suspect that for some their situation may have altered, for others it could simply being a case of feeling that they don’t need their adviser anymore or they may have simply forgotten why they became a client in the first place!).

Whatever the reason, we believe that the five-year anniversary could very well prove to be a ‘tipping point’ in the client/adviser relationship. Consequently, special recognition of this particular anniversary could well be a strategy to consider; a handwritten note perhaps thanking them for their support (and being your client).

In today’s fast paced and continually evolving advisory market, where ‘hard’ issues such as regulation, technology and transition dominate the headlines, sometimes it’s nice to take time out, draw a breath, thank and acknowledge those who are positively contributing to your business success every day.