How Advisers Can Strengthen Their Client Relationships: These Small Changes Can Have A Powerful Impact

When you recognize the need to add services to better support your clients' retirement strategies, one major roadblock often stands in the way: Your sales process.

Change doesn't have to mean overhauling your entire process. Minor adjustments — such as refining your annual strategy session or annual review — may be the ideal opportunity to explore a new service.

Something as simple as adding two additional questions to your strategy session or looking for small openings in your current process to dive deeper could make the difference in addressing your clients' needs and improving their retirement strategies.

Our team recently worked with multiple offices and identified three key opportunities for advisers to make small adjustments to the sales process that can have a large impact on your clients' planning.

Opportunity No. 1: From reviews to strategy sessions

A small mindset change can lead to a completely different conversation in what's often referred to as the annual review.

By calling this meeting a "strategy session" instead, you set an expectation with the client that you are actively reviewing their current approach with the intent to make purposeful adjustments for their benefit.

Examples may include discussing long-term care options, reviewing unused income riders to convert for legacy planning or simply revisiting their current strategy to help ensure it still meets their needs.

This approach doesn't add more meetings or appointments — rather, the same meeting with a few extra minutes of conversation could uncover more of the client's needs or wishes.

And the best part: A mindset change doesn't cost you anything!

Opportunity No. 2: The first 100 days

One adviser I work with has perfected the concept of the 100-day mark. When a new client reaches their 100th day with the office, the adviser schedules a milestone planning meeting.

In this meeting, they cover topics such as tax strategies, Medicare and life insurance — and they present a long-term care option to every client. This is a great time to have these conversations now that money transfers are complete, the client relationship has been established, and one of the biggest fears — income in retirement — has been addressed.

At this 100-day mark, the client has given your firm more time and greater trust to turn over more of their financial situation. They are also still new to the process and open to additional suggestions on how to help better protect their retirement future.

Opportunity No. 3: Find openings

Enhancing your sales process doesn't mean starting over. Taking a deep dive into your current process and finding small openings to add an extra question or tweak a current process can create new protection opportunities and revenue lines.

At a recent training event, one team laid out their three-bucket sales process. They realized that by simply adding a long-term care conversation to their "tomorrow" planning bucket, they can help protect their clients if they experience a future long-term care event.

This not only helps provide the client with some assurance but also prevents the depletion of other portfolio investments should they need care.

Challenge yourself and your team to look at your current process. Where is an opening to have a long-term care conversation?

When reviewing their policies, don't just look at performance — look for opportunities, unused income riders, old annuities that are not performing as well as current products or life events that have created new concerns, such as the need to provide future safeguards for their grandchildren.

Small adjustments, big results

Doing what's best for our clients sometimes requires us to evolve, but that change doesn't have to be a complete overhaul. Small steps can have big impacts, especially when they positively affect retirement outcomes.

If you can take two extra steps today to help mitigate risks to your clients' future, wouldn't you do that?

By proactively identifying these touchpoints and guiding your clients through these essential conversations, you not only demonstrate exceptional value but also open doors to new planning opportunities.

These efforts can lead to meaningful revenue growth for your firm through strengthened client loyalty, increased referrals and the implementation of insurance strategies that truly address your clients' needs.

Related Content

• You Don't Need a Magic Bean to Grow Your Advisory Firm — Just a New Approach to Your Existing Process
• From Vision to Value: A Blueprint for Helping to Build Your Advisory Practice
• To Build Client Relationships That Last, Embrace Simplicity
• Winning Strategies for Financial Advisers as Clients' Lives Evolve
• How Financial Advisers Can Deliver a True Family Office Experience

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.