Have you ever accidentally ignored your clients? As your retirement plan business grows, we may become guilty of focusing more attention on new client activities rather than current client needs.
It happens. It’s not on purpose.
Just like an ER doctor, we focus on urgency. The heart attack patient gets more attention than the stubbed toe. However, like every good practice, all patients need attention.
When it comes to your retirement plan advisory business, all clients want some attention. The key is understanding what they need. Let’s look at some examples.
To maintain happy clients, schedule regular meetings and implement a digital campaign. Quarterly newsletters and informational emails are a good place to start. This preventative care provides around the clock support. It demonstrates continuous value, keeps you top of mind, and informs clients about hot topics. Consistent communication with clients reinforces your value and expertise.
However, a client who has recently had a C-suite change is in need of critical care. A casual e-newsletter isn’t going to reflect the urgency this client is experiencing. Your marketing outreach needs to reflect the situation.
Read more commentary by Rebecca Hourihan here.
Treat this change just as you would a prospect opportunity. This is not a returning patient that you’ve already won over with years of great services. This is a brand new client.
PRO TIP: Set up Google alerts for your clients and say current with company news. Also, check LinkedIn’s Notifications for job changes.
When a C-suite change happens, advisors need to re-prove their value. It’s show time.
It’s the same with mergers and acquisitions. It’s a coin toss. Just because your client acquired a company does not mean the retirement plan is guaranteed to be yours. Treat this as a new plan sale and roll out the red carpet on your charm, knowledge, and experience.
Vice versa, just because a client is acquired, the business is still fair game. You have just as much of an opportunity to demonstrate your value and win the deal.
Tend to your business like you’d tend to the ER. All clients need care. It’s about assessing the level of care and the right outreach solution to achieve maximum client retention and satisfaction results.
Thanks for reading and Happy Marketing!
Rebecca Hourihan, AIF, PPC, is the founder and CMO of 401(k) Marketing, which she founded to assist qualified experts operate a professional business with professional marketing materials and ongoing awareness campaigns.
