Serve Clients, Don’t Service Them

By Chris Kowalik

“If you work just for money, you’ll never make it. But if you love what you’re doing, and you always put the customer first, success will be yours.” – Ray Kroc

Ray Kroc is the man credited with the success of McDonald’s and overseeing the fast-food company’s worldwide growth. One of the world’s most successful businesses was built on this philosophy of customer service by putting the customer first, and it still operates by that philosophy today.

In the financial services industry, we use the concept of “service” a lot. We refer to “servicing” client accounts, and we may offer “services” to clients such an annual review that we put into this category of “services.”

But are we serving our clients to help them to be their best selves?

Do you find that you’re simply going through the motions? Or are you helping your clients to overcome their own obstacles, demolish their self-imposed roadblocks and gain the financial independence that they desire?

This isn’t about greed – and ironically, it’s not really about money either. It’s about “selling” from a place of “service” and giving your clients the best opportunity to succeed. It’s about giving guidance, mentoring them through tough conversations, and bringing clarity to confusing topics.

All too often, we lead conversations based on the desired outcome (a sale). Instead, I encourage you to detach yourself from the end result, and simply focus on serving the client to allow them to reap the good that comes from it.

When all you have is a hammer, the whole world looks like a nail. Every product has its place, but too many financial professionals get lazy and stop objectively looking at various products available. They repeatedly recommend one product and believe that everyone needs it regardless of the circumstances. If you’re not solely doing what is right for your client, you are wrong. Period.

Now, I’m not saying to stop recommending solutions, but simply to look at the bigger picture of what your client needs. Chances are good that they want to feel good about the decisions they are making, and about investing in your relationship. What better way to do that than to serve them and help them to see the great potential in themselves?

Plus, over time, if you continually work to “serve” your clients, they will grow to trust that you have their best interests at heart and can help them accomplish their goals. By helping them, you also help yourself with client retention, loyalty and even referrals. In order to be successful, you need to continuously change and adapt to your client’s ever-changing needs and wants. If you fail to do so, you’ll lose out to your competitors who are better at it.

How can you better serve your clients?

You must give to receive. It’s the ancient law of karma and a key factor to having a successful business. The financial professionals who put their clients first, whose sole purpose is to serve them, will surely win. But it’s one thing to know this, and another to put it into action. Here are seven ways that you can make your practice more client-focused.

1. Give your clients what they really want or need. This can be tricky, since some clients may not know exactly what they want or need and haven’t given much thought to their financial or retirement goals. This is where your expertise comes into play. Conduct a meaningful fact-finding session and determine what is important to them. Be sure that you’re looking at their individual circumstances and making the best recommendations possible based on their personal situation.
2. Be genuine. It pays to be genuine. It pays in richer experience and deeper connections, which in turn lead to stronger client relationships and business growth. Being genuine also makes you more relatable and approachable, which in turn makes it easier to build relationships with your clients. And strong relationships mean clients stick with you rather than move to one of your competitors, because they’ve invested their emotions in you.

3. Deliver on your promises! If you set a certain level of expectation, you must deliver on it. If you break any promise that you’ve made, it’s clear that you don’t value your client’s business.
4. Acknowledge your customers for the business that they give you. Thank them through different methods – even with just a simple “thank you message” over email or social media. Or mail them a thank-you card for a more personal touch.
5. Be quiet and really listen. Speak with your prospects and clients, respond to them, talk with them and get to know them. Ask meaningful, important, significant and compelling questions to give greater understanding and ultimately inspire change.
6. Make it easy for clients to give you feedback. Make sure clients can get in touch with you through various methods – telephone, email, your company website, etc. Asking your clients for feedback creates open and honest communication. It makes them a part of the process, and therefore closer to you. After receiving feedback, ask questions about their insights and start a discussion around it. Really show them that you care by executing the ideas that align with their goals.
7. Adapt and change with time. Your clients and their needs, wants and requirements are changing all the time. So should your product recommendations, services and solutions.

If you believe that everyone deserves financial freedom, then be sure to serve them to help them unlock their greatest potential. Challenge the status quo in a way that is uniquely relevant to your client’s needs, and in a way that inspires them to grow to reach their goals.

Chris Kowalik is founder of ProFeds, and is an expert at serving federal employees. Since 2001, Chris has coached more than 1,000 financial professionals to help them turn prospects into profitable clients. She may be contacted at [email protected].

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