Advisory Growth via The Family Phone Call

Many advisors have tried to connect with their client’s loved ones by hosting family meetings with varying levels of success. This approach to establishing relationships with your client’s families and loved ones is different, as it:

1. Has a defined process and protocol - structured pre-meeting, meeting, and follow up.
2. Leverages technology - via video conferencing for ease of use and scheduling.
3. A clear Onboarding Process – creates a glidepath for new clients, introductions, and retention of assets.

By incorporating The Family Phone Call into your fall Strategy and Tactical meetings, you can build deeper connections with your clients and their families, retain assets, and increase the overall value of your enterprise. Let's delve into how this can benefit you.

Building 2nd & 3rd Generation Relationships

We all know the importance of building multigenerational relationships as financial advisors. The Family Phone Call offers you a unique chance to connect with your clients' children, grandchildren, and other family members. By engaging them personally, you can build trust and demonstrate your commitment to their long-term financial well-being. Strengthening these relationships leads to continued loyalty, increased referrals, and the potential to manage assets across multiple generations.

Retain Assets

Retaining assets is vital for long-term success, as statistics have shown that up to 70% of heirs will fire or change financial advisors after inheriting their parents’ wealth.¹ By engaging with your clients' families through the Family Phone Call, you showcase the value you bring beyond investment management. Discussing financial planning strategies, offering guidance on important milestones, and addressing concerns can significantly enhance client retention. By becoming an integral part of their financial journey, you position yourself as a trusted advisor they can rely on for years to come.

Increase Enterprise Value

Incorporating the Family Phone Call can have a positive impact on your overall enterprise value both today and in the future. Prospective clients actively seek financial advisors who go the extra mile to connect with their families. By offering this value-added service, you attract clients who value personalized attention to their unique circumstances. This can lead to increased assets under management, higher revenue, and more business opportunities, ultimately enhancing the value of your practice. This becomes even more important as a practice nears succession as the age of your client base and the number of 2nd & 3rd generation clients play an integral role in the value of your practice.

To help you get started with implementing the Family Phone Call service into your practice, we have assembled the necessary resources designed to simplify the process and maximize its impact on your business. The resources include:

• Scripts and talking points to guide your conversations
• Training resources to enhance your communication skills and build rapport with families
• Tracking resources to measure the effectiveness of your Family Phone Calls
• Ongoing support from our coaches to address any questions or challenges you may encounter

We believe that the Family Phone Call is essential for financial advisors committed to long-term success and cultivating meaningful relationships with their most valued clients. By incorporating this service into your practice, you position yourself as a trusted partner who recognizes the significance of family dynamics as an integral part of the financial planning process.

If you're interested in learning more about how the Family Phone Call can transform your practice, we would be happy to schedule a one-on-one conversation to develop a tailored strategy to seamlessly integrate this service into your fall initiatives and unlock its full potential.

¹ Cerulli Associates Investments & Wealth Research – “Aging boomers bring intergenerational planning to the forefront” (July 19, 2021)