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I challenge you to deliver a unique, emotionally engaging experience that goes beyond expectations – what I call a WOW event – to a client or prospect. Do this once a week. If you don’t see a noticeable updraft in your practice after two months, I will take you to lunch.
Advisors are all too often at risk of losing client relationships. Clients do not find phone calls, emails, perfunctory reviews and letters engaging. You must make it a habit to go beyond your normal advisor-client interactions and deliver WOW experiences to prospects and clients.
Delivering WOW can take many forms. Here’s an example. I was with a top-performing registered investment advisor at a prominent country club in Florida. An acquaintance of mine at the club walked over to us at a luncheon. I knew this gentleman had recently sold his business, and I wanted to introduce him to the advisor.
“Joe, I want you to meet Rick,” I said. “He’s an independent advisor in town who has done quite well.”
“Yes, I have heard of you, Rick,” Joe said dismissively. “How do you run portfolios in this crazy environment?”
Rick, reading Joe’s personality cues, responded with confidence, “I manage a big pile of money for a small group of angry rich people.”
And here’s the kicker: Rick then walked away.
Talk about unconventional! The experience was jaw-dropping.
What did Joe say to me? “WOW. That guy’s confident.”
And here’s the double kicker. That night, I got an email from Joe asking for Rick’s info . Rick won a substantial piece of business from Joe during the next month.
Did Rick deliver WOW with his truly unique value proposition? Absolutely. Would Rick deliver this same value proposition to every prospect? Absolutely not. He customizes WOW for each individual prospect’s experience. That’s his habit, and that’s why he’s winning.
We live in a commoditized world. Often, clients perceive one advisor’s investment policy statement to be about the same as that of another advisor down the street. But with WOW, separation and space are born.
Advisors who adopt a comprehensive mindset for WOW in their practices are poised for outsized success going forward. And as any performance coach knows, expanding our capacity to deliver WOWs will come from developing new habits.
WOW is a culture of continued delight – to prospects, clients and colleagues. I’m not just talking about calling a client on her birthday. I recommend an overhaul of how advisors see circumstances unfold for clients.
The biggest challenge we advisors face is the adoption of the mindset of WOW . We’re busy, after all. We convince ourselves that WOW, while neat, is certainly no imperative.
That is misguided thinking.
“How can I WOW?” Get started. Appoint the most creative person on your team as WOW Czar, and have weekly meetings on the subject.
For the last two and a half years, my team and I have collaborated with a world-renowned expert, Dr. Joseph Michelli, on the client experience. Dr. Michelli has written bestselling books on the Ritz Carlton, Starbucks and Zappos. He and I recently co-authored “The Book of WOW” for financial advisors. The partnership has been priceless, yielding great insight into a process that promises an increase in routine WOW delivery for advisors.
And why bother? A commitment to WOW drives client loyalty, erecting a moat around the clients that matter most, and creates an environment where you will capture even more valuable clients.
John Evans is the executive director of Janus Labs, a division of Janus Capital Group. You can contact him here about the specific terms of his offer for a free lunch.
Read more articles by John L. Evans, Jr.
