Trending
December is here. We want to stay top of mind with clients, but not seem like we are pushing for business to hit our year end numbers. What are some logical reasons to call?
- Thank them for their Christmas present. Some clients send gifts to their advisors. It is a thoughtful gesture. I received some great ones over the years, including an Antiques Roadshow version of Trival Pursuit the client had shipped from Harrods in London. You intend to send a written thank you note. Call to acknowledge the package has arrived.
- Do they need to do an RMD from a retirement account? The penalties are stiff if the client does not get this done by December 31st. They might have retirement accounts elsewhere and taken care of it already. Call. Remind them it was taken care of earlier in the year or it needs to get done now.
- Will they be using the gift tax exclusion? The number is up to $16,000. Your wealthy client can utilize this as both a way to be generous and a way to reduce the size of their taxable estate. The cutoff is December 31st. The can be a great way to help fund future college educations.
- Have you addressed year end selling for tax purposes? Have you and your client looked at realized gains and losses year to date? Do they need to take action, like selling a stock that didn’t do well to balance off a gain elsewhere? This is where the 30 day wash sale rule comes into effect.
- It’s time to schedule the annual review for January. We see year end and the start of the New Year as two separate occurrences. They are seamless. You toast end of the old year one night and start dating your checks “2023” the next morning. Let your client know you are thinking ahead by getting a January review date on the calendar.
- Let them know a Christmas present is on the way. You sent them a gift. It might be perishable. Perhaps UPS alerts them. Maybe you sent it by US Mail. Give them a heads up so the gift doesn’t freeze or melt before it is discovered.
- RSVP to their Christmas party invitation. Your client has brought you into their inner circle. They are one of several. You have received a few holiday party invitations. You might need to be in several places on the same night. Let them know if you are coming. Your host needs advance notice.
- Are they making year end charitable contributions? A large amount of gifts to charity happen in December. A significant amount occurs in the last week. If your client is making significantly sized gifts, it giving long term appreciated stock may be a good strategy. Talk with clients about their options for contributions.
- Will they be overseas during the holidays? We always advise our financial advisor when we will be traveling and how to reach us in case of an emergency. They either make an electronic notation concerning our debit card regarding overseas use or let us know that will not be necessary. This shows you are looking after client needs in areas other than investments.
- When will you be away? At your desk? Despite all your advance planning described above, some clients leave things until the last minute. What are your holiday plans? When will you be out of the office? Who will be covering in your absence? This lets clients know you are often working when others are playing. It also lets them know you are anticipating their needs if you are away.
These calls let your client know you care about them and not only calling when there is business to be done.
Related: The Subscription Trap or Where Does All My Money Go?