Closing a deal with a client for Financial Services

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I spoke to another advisor recently and he mentioned how times like this when the markets are down are such a difficult time for him and his clients and he was really worried because two clients had just left him in the previous week and because of this he was calling every single one of his clients in an effort to solidify the relationship and make sure they're okay and really because he was worried about them about them leaving him and after talking with him I was really thankful that we haven't had any clients leave us and the clients that we were meeting with for review meetings were the ones that we were talking to on the phone too they weren't freaking out or feeling worried about their plans or their Investments or anything like that Financial related so after thinking about it I realized that there's a few reasons why this is so I want to share it with you on and what you can do and what you can apply to your advisory business to help you and your clients become more content and less anxious about what they're doing so that they stay clients for life there are two things that we've done uh recently that has really helped clients Builder confidence and appreciation for for working together and to really fortify them you know this is an idea of a wall built around our clients from all these negative influences whether it's the news coming at them you know on the paper or on the on the TV or if it's their friends that are uh you know causing doubts or fear or uncertainty whatever it is we want to have a fortified wall so that they can stay confident and content with what they're doing and not let these things cause them to make any bad financial decisions if you don't do what we're going to talk about today it could lead to these bad Market periods really being more stressful than they need to and more stressful for your clients as well before I get into it though I'm Dave and I run a successful wealth management firm with Tim and this channel is all about sharing what we're doing at that at that firm and it's really things that I wish I knew five to ten years ago when we were trying to to grow our firm most every week I send out an advisor Aid newsletter to help make good decisions and make your firm better so sign up for that because there's some things in in that newsletter that I don't include on videos here on YouTube or anywhere else so those are advisor specific so the first thing that we have to do to make sure that our clients stay with us forever is to just fortify that confidence that they have so that they don't get negatively impacted by that consistent and constant barrage of of negative news and and here's what I mean have you ever seen that other picture by Carl Richards that looks like this where the advisor is keeping you safe from the big mistake or that's your client but in reality it's not really a straight line they've got things coming at them from every angle like the previous uh thing that we just looked at the picture that we just looked at newspaper advertisements YouTube their friends and family what we need to do is get that barrier around them because we can't be with them at dinner when they're out with their friends and one of the friends is talking about going to cash months ago and how he missed the drop and uh it's only going to get worse moving forward into the next year and we can't be with them at night when they're watching the news so we need to come up with a way to build this wall around them so that they don't get impacted and make bad money decisions so how do we do that one method is we started doing this consistently every month once a month this year we recorded one video and we sent it to all of our clients so one video sent to the whole Client List and there was one thing to focus on for each video to help build up their confidence and it helps them change their perspective too around what's going going on and just note this isn't a generic newsletter or Market commentary newsletter people don't not many people open those at least I don't even know the stats but I know that that it's it's not of interest if it's mainly Market commentary but our monthly newsletters are getting 80 open rates with with our clients and I'll give you a way to see one of our recent newsletters and videos that we sent to clients coming up but first I was recently talking about why these work so well and what's the reasons related to to this it's actually one of the reasons is related to a law of physics which is called the law of entropy and that just states that anything left to itself tends to lead more and more towards Disorder so take a garden for instance if you plant it make it perfect and then you walk away for a few weeks if you're not weeding the garden then the weeds take over same thing happens if you're brushing your teeth and you stop and you don't do anything to help your your teeth then your teeth are going to fall out of your head in the future so so same thing with a portfolio if you're not now again this depends on what the goals are but if you're not rebalancing the risk levels of the portfolio are going to change over time and that's just a law of physics that can't be disproven and you can apply it to financial situations as well and the same thing happens to our clients who are left alone and they don't have frequent communication with us now we can't talk to every client every single day or even every client every single month but without advice and reassurance that they're doing the right thing the more likely they're going to think that they're doing the wrong thing and they're going to want to make a change so we need to give them these little boosts each month to firm up their confidence and then they'll be more content and more confident with what they're doing and an extra benefit of doing this is that their friends are going to notice this and they're going to notice whenever they talk about financial things that they're not worried about the money stuff or the markets and their friends are going to want to feel the same way they do we've seen this directly this also allows us to play offense during bad Market times and really grow during bad times instead of playing defense and trying to make sure that we're calling every single client and make sure that they're they're not leaving and I put a link to see an example of our monthly newsletter in the should be below this video if you want to check that out now it is a it's a it's a real client newsletter so you got to apply to get access to it because I wasn't that comfortable sharing it with just anybody and everybody but do that if you're interested in it and then in the next video I'm going to share how we communicate our portfolio strategy in a way that gives clients competence in their plan and then allows them to just make it through in a through bad times in a much easier way to be more content and to be more confident it's really just a few key word changes that have really made a massive impact on clients lives and their contentment so subscribe so that you don't miss that video coming up and then I'll see you there [Music] foreign [Music]