Wednesday, March 15, 2017

Take Back Your Clients!

By Gissou Gotlieb, Field Suitability Compliance Officer

I often read, hear, and see our industry focusing on trying to find the magic potion for lead generation and getting new clients. It has always made me wonder: what’s wrong with the clients you’ve got??

Many producers jump through hoops and spend a good amount of money chasing the new “best” way to get in front of new prospects, but are they doing this at the expense of their old clients? I know that I would not only continue to do business with, but make referrals to the businesses that value me as a customer/client rather than ignoring me to get to a new one. Of course in the financial industry there is always room for new clients that have never invested any money, never purchased an insurance product, or have never “bought” whatever product or service it is that you are selling. Those clients will need you at some point, but it makes good sense for your business to not lose your existing hard-earned clients.

Sometimes at the prospect of change (e.g., product or regulatory), our first instinct may be to retreat and not make contact with our clients if we feel the change may be perceived negatively. But as we all know, ignoring change does not make it go away. Wouldn’t it be better for your clients to hear about potential product, rate, or regulatory changes from you rather than your competitor or read about it in a publication that may not even fully understand the nuances of our industry? Wouldn’t it be better for you to have the opportunity to explain the bad and the good rather than your story being told by someone else who may want to paint a different picture? Even from a compliance standpoint, keeping in touch with clients makes sense.

Oftentimes client complaints arise not just because a product was seemingly mis-sold, but that the producer did not have the opportunity to revisit all the reasons the client had for making a particular purchase in the first place. If you don’t stay in touch with your client, the next person who is prospecting will get in front of your existing client and will try to make them their “new” client by detailing why all the things you did are wrong now, even though it was suitable at the time of sale. Now isn’t that arguably what all fuss is about with impending regulations?

Take back your clients. Call them. Talk to them. Review their current products and situation and help them remember why they chose you as their financial professional, why they chose the products and services you offered, and why they should keep their relationship with you. Stay in front of them despite change and help them so they continue to choose you instead of the next person who lands in front of them when the going gets tough.  

Gissou Gotlieb | Field Suitability Compliance Officer
Ann Arbor Annuity Exchange
Ph: 800.321.3924 x134 | Dir: 734.786.6134

Ann Arbor Annuity Exchange and its representatives do not give tax or legal advice. Please consult your tax advisor or attorney.

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