Two of the most respected marketing research firms in the financial industry, CEG Worldwide and Spectrem Group, have recently nailed down the reason millionaires change advisors. Want to guess what that reason is?
Both studies showed that the reason millionaires switch advisors is due to lack of communication from their advisor. In one study 87% and in the other 73%, gave poor communication as their number one reason for leaving their advisor.
Where was poor return ranked? 47% in one and 57% in the other.
Here’s the funny thing…do we have any control over return? No.
Do we have any control over communication? Yes.
Yet, I find most advisors spending twice as much (or more) time researching better investments than communicating with clients.
How You Can Capitalize on That Mistake!
Now to how you can use that information to bring in new millionaire clients simply and inexpensively…
Give them what they want. Put together your list of “dream” clients and begin to drip on them. Communicate with them. Give them what we know their advisor isn’t giving them…attention.
I actually write 3 separate pieces that my coaching clients send to their prospects and clients each month. I often hear advisors, who aren’t communicating with their clients (sic), tell me that is way too much! No it isn’t. In the same studies above, they found that millionaires wanted to be contacted more than twice a month.
BUT…they wanted to be contacted more about NON-financial, than financial info. Why?
Think about this, if you went out on a date with a girl and the only thing you talked about was getting between the sheets (if you know what I mean)…what does she know about you? If the only thing you talk about to your client is money…what do they know about you?
Your communication has to be about how much you care. The 3 pieces I write every month are just that…things that can help them in everyday life…interesting tidbits they want to share with friends…things that make them smile…things that show I care. And these drip pieces bring in big clients for my coaching clients every month.
Remember, they don’t care how much you know…until they know how much you care.