May 23, 2019 | Article

Getting to know your clients isn’t the only important aspect of building a relationship with them. Getting to know their families holds importance as well. According to a report conducted recently by Cerulli Associates, $68 trillion is going to be passed from 45 million U.S. households to heirs and charities over the next 25 years. That’s an average of more than $1.5 million per household. What does this mean for you? If you aren’t proactive with the next generation of investors, your first introduction to your clients’ heirs will potentially happen at a funeral. With this in mind, here are a few tips on how you can get to know your clients and their families, and potentially maintain control over your clients’ current and future wealth.

  1. Take time to ask them about their families. Rather than just politely nod while your clients talk about their families during your regular reviews with them, ask them about their children, grandchildren, or those who are close to them. Showing interest in their families and what they’re doing will not only deepen the relationship you have with your client, but you’re getting to know their families as well.
  2. Be a resource for them and their families. Offering yourself as a resource for your clients’ families can be a great way to establish a relationship with their extended family. You can offer a consultation meeting or quick 30-minute financial checkups where they can either ask you questions or you can provide information tailored to where they are in life. For example, if one of their children is expecting, you can offer them ideas on how to save and invest for their child’s future.
  3. Offer complementary accounts. A great way to integrate yourself into a clients’ family is to offer to help younger members of their family, such as children and grandchildren, establish smaller investment accounts that don’t normally meet the minimums of an experienced advisor. The goodwill of offering these services builds and strengthens the relationship you have with the client and their family.

Needless to say, it’s beneficial to all involved to get to know not only your clients better, but their families as well. They’ll appreciate the effort you’re making, and a little extra effort can go a long way.

RoboWholesaler is a technology that was created to help financial advisors looking for ways to save time and enhance their productivity. With their time spent more efficiently, they’re able to focus on developing the interpersonal component of their client relationships and grow their businesses. The RoboWholesaler app is now available for free in the App Store and Google Play. It offers you a fast, easy way to review fund performance rankings, and get up-to-date fund fact sheets for top-performing funds and at-a-glance summaries of key fund information.


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