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The secret sauce to turning satisfied and loyal clients into advocates who help you reach and serve more clients is the concept of the business friendship.
Why Do Business Friendships Matter
When clients see you as a "friend," they feel more confident that you have their best interest at heart. This friendship leads to several significant advantages for both you and your clients.
3 Key Benefits of Building a Friendship with Your Clients
1. More Transparent and Deeper Communication
Clients who feel a personal connection with you are more likely to give deeper insight into their fears and/or aspirations related to their finances and other aspects of their lives.
2. Enhanced Client Retention / More Assets / More Value
It’s much harder for clients to leave an advisor they consider a friend. With this added emotional connection, clients feel a greater sense of loyalty.
3. Increased Willingness to Create Highly Effective Introductions
Clients who genuinely like and trust you are more likely to want to see you succeed. They want others to experience your value, AND they care about your success. Not only are they more likely to talk about you to others, but they also make better introductions.
Practical Steps to Building Business Friendships
Building meaningful relationships with clients requires intentional, consistent actions. Consider integrating some of these strategies and tactics into your practice to create stronger connections:
1. Craft Memorable Impressions
Ensure your virtual presence (camera quality, lighting, sound) is polished and professional. Have a clear standard for response time to inquiries and appointment requests.
2. Personalize Every Interaction
Show genuine curiosity about each client’s unique life, family, and interests.
Do a bit of research before meetings; consider asking your referral source for insights or checking their social media for relevant updates. Let them know you’re invested in them beyond just financial matters.
3. Meet Your Clients in Non-Business Settings
Break bread with your best clients at least once per year.
Host client-appreciation events, celebration events, and special introduction events.
Establish an Ambassador’s Club consisting of your advocates and host a couple of special appreciation events per year just for them.
4. Allow Enough Time for Appointments
Avoid overscheduling. Build in buffer time so that clients never feel rushed.
This extra time not only enhances the quality of your meetings but also leaves room for meaningful conversations that deepen your connection.
5. Show Appreciation Consistently
Make gratitude an integral part of your practice. Regularly thank clients for their trust and loyalty. Consider small gestures like handwritten notes or quick check-in calls just to see how they are doing.
Related: Live It Lists: Revolutionizing Your Financial Planning Strategy