client events Archives - Don Connelly & Associates

Building Rapport with Clients: Unique Strategies for Financial Advisors

/ by Don Connelly / Managing the Relationship / 0 comments

Of all the truisms associated with our industry, none is more valid than, “People do business with people they like and trust.” That’s why we devote a lot of space here to the importance of building rapport with clients.

We often discuss the need to master communication and soft skills, such as active listening, asking open-ended questions, mirroring body language and tone, telling stories, and showcasing empathy. That will never change as it forms the critical foundation for building rapport and trust.

We also discuss best practices, such as regular check-ins or sending holiday greetings to build client relationships. While these strategies work, they can sometimes feel impersonal or predictable. To truly stand out, it’s crucial to employ creative, lesser-known methods that resonate with prospects and clients on a deeper level.

Here are five innovative approaches to help you build meaningful relationships, earn trust, and foster long-term engagement.

Strategies for Handling Resistance and Rebuilding Long-Term Engagement with Dormant Clients

/ by Don Connelly / Managing the Relationship / 0 comments

If you’ve been in this business for any amount of time, you’re probably building a nest of “inactive” or “dormant” clients. These clients were once actively engaged with your advice but have since drifted away for various reasons, including changes in life circumstances, a lack of consistent communication, or a bad experience. Whatever the reason, it may be time to “fish or cut bait” to either reengage with them or move on completely.

Keeping inactive clients on the books who have no intention of doing business with you is nothing more than a distraction or a false sense of security. They need to be let go. On the other hand, there may be some golden opportunities lying in wait, but they’re not likely to come to you. Either way, you need to take the initiative and find out.

Reconnecting with dormant clients can be challenging. When reaching out after a period of inactivity, you may face some resistance. Some clients may be hesitant to reengage, perhaps harboring concerns or dissatisfaction. For any chance of rekindling trust and the relationship, it’s vital to understand how to manage these reactions and rebuild the foundation for long-term engagement.

How to Reconnect with Dormant Clients: Rebuilding Lapsed Relationships

/ by Don Connelly / Managing the Relationship / 0 comments

If you’ve been in this business for any length of time, you know the cost, in terms of time, effort, and money, of bringing in a new client. You should also know that replacing a client who leaves with a new client costs five to 25 times more than retaining an existing one. Client retention is crucial to building a sustainable and profitable business.

How about when clients go dormant? They’re still on the books as clients but less engaged for one reason or another. They may still take your calls, but not necessarily your advice. If you track such things, you may find they no longer visit your website or respond to your social media outreach. They may have even pulled some business from you, leaving some to keep the relationship alive.

From a business standpoint, they may as well be a “lost” client. You either have to replace that lost business or find a way to reconnect and rejuvenate the relationship. The good news is these clients already know and trust you, so it should take less effort than starting from scratch with a new client. Additionally, proactively reaching out to inactive clients can uncover fresh opportunities and refortify the foundation of your relationship.

Financial Advisor Branding—Elements to Focus On

/ by Don Connelly / Marketing Yourself / 0 comments

One of the most significant challenges facing financial advisors trying to grow their practice is it takes time, resources, and a well-conceived marketing strategy to get their stories out to the right audiences. While it involves strategically utilizing digital marketing and producing targeted and relevant content, the path must be paved by building a solid brand and reputation.

8 Client Event Ideas for Financial Advisors

/ by Don Connelly / Managing the Relationship, Prospecting / 2 comments

Client events have always been the most effective way to increase client and prospect engagement, providing the opportunity to express appreciation while strengthening personal connections. It has always been a challenge for financial advisors to keep their clients engaged and their prospects enthusiastic, more so during the pandemic, keeping everyone at a virtual distance. Now, with the pandemic waning, client events should once again stand as a key pillar in advisors’ marketing plans.