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I can smell the beach, sunscreen and hot dogs. People are traveling and gathering around the country.
But on a recent coaching call, I noticed that a client had convinced himself that during the summer his clients and COIs did not want to hear from him. He said, “Why would a client want to spend time with me when they could spend time with their friends and family.”
He was willing to put business development on hold and be invisible to the people he wants to refer him for three or four months.
Can you see what’s wrong with this picture? My lost revenue alarm was going off. We had some work to do.
If any of you reading this feel the same way, let me remind you that you are in the relationship business. Good relationships don’t disappear for three to four months and remain good relationships. Good relationships stay in touch and often lead to friendships. Many of my clients tell me that their clients become friends, and some go so far as to think of them like family. I’ve even heard the same comments regarding COIs. One client told me about a COI who asked him to be the executor for her will. That can only happen when two people develop a deep level of trust through spending time together.
The summer is not the time to pause business development. In fact, the summer provides you with an endless bounty of ways to spend time with COIs and clients. Increasing your visibility during the summer doesn’t automatically lead to referrals, but it is far better than going underground. Being visible gives you the opportunity to talk about your business, learn how you can help others, and enable prospects to see that you are taking on new clients.
Here’s a few ideas I’ve heard and seen other advisors doing throughout the summer to stay connected with clients and COIs. Maybe something here will resonate with you or spark a new idea that will get you out and connected this summer.
My personal financial advisor is a great example. She holds a night of bingo in July for her top referral sources. She brings them together for a fun evening in a restaurant to thank them for their support and to stay in front of them. Those people continue to refer her. She is hosting a self-defense class in July for her female clients (asking them to bring a friend) and leveraging her relationship with a self-defense instructor.
I also know one advisor who showcases the talents of his family and friends by holding a family concert in his home a few times a year. He invites special COIs and other influencers he wishes to stay connected to or even get to know better. It’s a unique opportunity to enjoy food and music together and further nurture and grow his relationships.
Dinner parties are another way to connect with people in your home. One client and his wife love to hold dinner parties and strategically invite two or three couples every month. This keeps the group intimate and provides a comfortable atmosphere so that he can have great conversations with each person. He gets to know the spouse or partner of his main contact much better as well.
You can keep it much more casual during the summer as well. Barbecues, potlucks or evening campfires with friends, clients and COIs make for a comfortable way to socialize. Some clients make it a point to have lunch out with someone in their network several times each week during the summer. They invite people that they sit next to in the bleachers of their daughter’s softball games and others who share their board member responsibilities. Some clients have enjoyed planned walks, hikes and horseback rides with COIs or simply sponsored a car show, festival, or non-profit benefit race in their community.
If you’ve done the work to develop great relationships, continue nurturing them straight through the summer. Don’t count people out before giving them a chance to say “yes.” Allow people the opportunity to make decisions for themselves. Stretch outside of your comfort zone. Be creative and fun with your ideas. When you ask your clients and COIs to do something with you this summer, don’t be surprised when they say ”yes.” Be grateful for their friendship and interest in spending time with you.
Get your summer savvy on and enjoy the season!
Michelle R. Donovan owns Productivity Uncorked LLC where Michelle and Patty offer a one-two punch to help financial advisors be more productive and more profitable. Michelle’s books have become Wall Street Journal best-sellers, Amazon best-sellers and published in seven languages. If you want to enhance your productivity, set a time to chat with Michelle, email her at [email protected] or connect with her on LinkedIn.