Story of the Day
Everyone is looking forward to the New Year and hoping 2010 is a more enjoyable than the last two years of 2009 and 2008. In terms of women and money there is great opportunity. As I talk with advisors around the country I notice that everyone seems to be coming out of hiding. Clients are getting active in the market again and advisors are feeling less apprehensive. You can hear the relief in their voices and feel the confidence returning. It’s great to see the country unfreeze!
Now is the time of opportunity and challenge. This surge of action comes with the very real possibility that clients will choose this moment to leave. People too frozen by fear to move before, may now bolt. I believe this risk especially large for women clients. One female advisor recently shared her good news of picking-up four sets of married clients all at once. These couples did not know each other, but they did know different clients of this advisor. I asked how she got this surge of new business. Here is a summary of what she told me:
“They were all referred to me through the wives. You see, I spend a lot of time caring for my clients and developing strong relationships. The wives of my clients frequently tell their women friends about me. This year the ‘OK’ relationship these new clients had with their previous advisors turned sour. These advisors (all men, by the way) who were not great at relationship in the good times, totally flubbed it during the crisis. The wives got fed up and decided to bolt. They took their husbands and all their money with them.”
Sadly, I bet the “abandoned” advisors are probably baffled. I’m sure they were doing “the relationship thing” as they know it, but it wasn’t right. I fully expect this scenario will repeat itself many times over in 2010. These true stories inspire my commitment to help the financial-services industry learn new ways of working with women. It’s not just a valuable opportunity it’s a critical imperative!
Fact of the Day
Never assume that lack of complaint is the same thing as satisfaction. People will accept a certain of level of mediocrity until you cross a line and trigger serious dissatisfaction. The tenous tie is severed and they’re gone spreading bad reviews around town. Customer satisfaction research shows that people spread bad reviews vocally and passionately.
Tip of the Day
Find out what your clients really think about you. Anonymous ways of gathering feedback are better than asking them to tell you to your face. Most people will not tell you they’re unhappy directly and personally. Any clients who don’t LOVE you are a flight risk. Make 2010 a year of productivity not another year of loss.
