If you think you have all your clients’ money… join the club. Most advisors think they have all the client’s money. It ends up you are wrong. Cerulli Associates actually went out and asked clients if they had money outside your management… most times they did as you see in the chart below.
Do you know how easy it would be to capitalize on this fact? Try this… bring some value to your clients that they don’t expect. Or do something for them where you don’t ask for anything back… and you’ll be surprised how many clients will bring up some money “they just happened to have lying around.”
How can you bring value to them? One idea is to make an appointment with them to walk through a checklist with them. This could be about a number of things:
- What belongs… and what doesn’t belong in their safety deposit box
- A list of all the tax deductions they are allowed and how to maximize them
- Or better yet walk them through a well thought out plan of getting their affairs in order.
The advisors I work with use the 21 Point Checklist… it is a money magnet!
