Client Satisfaction Starts with “Hello”
There were many memorable moments in the 1996 romcom Jerry Maguire, but arguably the most famous line is “You had me at hello.” That and “Show me the money” are two iconic movie lines most advisors can truly resonate with. For you, that first hello is the spark of your interest, the “Show me the money” part. But, for your new prospect, it’s when they begin to buy into the promise of all you will do for them.
To paraphrase Dr. Martin Luther King, Jr., the arc of your client relationship is long, but it bends towards justice. What we mean by that is this: your client satisfaction will be a function of how well their lived experience as your client aligns with the promises you made as you won the client’s account. If you deliver on your promises, great, you can expect loyalty. But if you don’t, they’ll have one foot out the door—until they finally have both.
This Is a Business About People
A client relationship really does resemble an arc, and it has discreet phases as it matures. There’s the first impression phase, when you size each other up. That can be complicated because the client probably comes to the moment with some impressions already formed. Maybe a friend referred them, or they saw an advertisement, or they found your website with a Google search.
That first phase is the result, to one degree or another, of your skill with center of influence marketing, networking, digital advertising, or delighting your existing clients. And there are subtle shadings of that skill as you target and reach ideal clients who most need your specific value proposition.
That first phase may last a long time. The client may be distracted or busy or have a zillion reasons why it’s not the right time to consider a new advisor. The first impression subphase will quickly be followed by the qualifying phase, as you both consider whether investing in working together is worth the time to investigate. That’s another advisor skill: how well you explain the benefits of working with you. Clients understand that allowing you to make a proposal is going to have some costs. They are going to have to answer a lot of questions, some of them very personal.
This is a key moment for both parties, but for the advisor, it is very consequential. You will have to spend a ton of time developing your proposal, answering questions, overcoming objections, dealing with influencers, and committing yourself to their best interests. Do you like them? Do you enjoy working with them? Will they lead to more business? Will they ultimately make your practice more valuable?
Too many advisors will simply take any account they can land. Seasoned advisors learn what a mistake that can be. You and your client need to be simpatico and you need to set expectations that you know you can keep.
Another skill an advisor needs is the fortitude to hang in there with the client as they work through their decision-making process. Some clients need months and even years to get comfortable with you, your solution, and your team. Some never do, of course, and you will have lost every minute you spent chasing them. Knowing when you’re going to win and when you’re not may be the single most important skill of all.
The End of the Beginning, or the Beginning of the End?
Then, one day, when the DocuSign comes back, onboarding begins. For many advisors, this is the beginning of the end. It’s the move from optimistic and theoretical to empirical and fraught. Did you make promises about what the contra firm would do, how long the transfer would take, or what the service at the new custodian would be like?
It’s almost entirely up to you what the new client expects. The best piece of advice most advisors ever get, but too few follow, is “underpromise and overdeliver.” Murphy’s Law governs the advisory business, and the strange incentive structure among firms tends to cause problems. And that’s before we even consider the problems you cause yourself.
The most successful advisors understand that onboarding is a life-or-death event. They make the investments in CRM, business process automation, staff training, and KPI analysis that it takes to build a reliable and satisfying onboarding process. This is another skill not typically taught in the wirehouse training programs. This is a practice management skill, and it’s a crucial one.
The Seven Habits of Highly Effective People, Stephen Covey’s phenomenal bestseller, is one of those rare business books that’s actually worth reading. Chapter Two, Begin With the End in Mind, is a must-read for every independent advisor. The title should be the mantra for all of us in the business.
Articulate your contribution and why it matters. Explain how you work and what the lived experience working with you will actually be like. Treat your clients the way you want to be treated. Remember this: they don’t care how much you know until they know how much you care. Remember also that they are your responsibility. Be humble, but fight like hell to win and keep your clients. Begin with the end in mind.
Do all of that, and maybe, just maybe, they’ll show you the money, and you’ll both look back on that magic moment when you first said hello.
Financial Gravity equips advisors with the tools, strategies, and support to deliver a seamless client experience—turning first impressions into lasting relationships through a fully integrated family office model. Watch this 20-minute on-demand webinar to learn more.
