March 10, 2009
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Today’s number one priority for advisors is to have as many face-to-face and phone meetings with clients as possible.
Just talking to clients isn’t good enough, however. To get maximum return on your time, every conversation with clients has to achieve two goals.
First, conversations have to be seen by clients as advancing their needs and begin a good use of their time. My research with investors shows that one reason key clients are reluctant to attend meetings is because they are afraid of the “same old, same old” discussions, with little or no new information. Add in the hassle factor in many cities of fighting traffic and finding parking and it should be no surprise that clients become anxious about participating in meetings that do not convey value.
Second, conversations have to advance your agenda with clients, taking advantage of the best business opportunities with each client.
So how do you achieve these dual objectives, ensuring that meetings are a good use of times for both clients and advisors?
In conversations with investors and advisors, there’s one activity that has a high correlation with achieving both of these goals –the use of a written agenda.
Advisors who consistently use written agendas report that they make meetings more productive and help them stay on track.
Just slapping an agenda down in front of the client isn’t enough, though. To get full value, there are five key steps to creating that agenda.
Step One: Start with the end in mind
In “The Seven Habits of Highly Effective People,” Stephen Covey talked about “starting with the end in mind” – looking at every activity in the context of the outcome that’s ultimately desired.
When it comes to crafting agendas, advisors need to start with the end in mind as well. Before calling a key client to set up a meeting, identify the one or two most significant business opportunities that are available to you with that client – and then identify a primary and secondary goal for that meeting to capitalize on them.
There are lots of possible objectives, including consolidating assets that a client holds with another advisor, getting cash off the sidelines, meeting a broader range of a client’s needs and building better relationships with your client’s spouse, kids, lawyers or accountants. Or your goal could simply be to deepen relationships with a key client in a difficult period.
Once you’ve identified your primary and secondary business goals – but before picking up the phone to propose the meeting - write down the specific issues you’re going to suggest covering in the meeting that will help you achieve these goals.Display article as PDF for printing.
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