Client Relationship Management for Advisors

$124 trillion is changing hands by 2048. For younger advisors, it's the opportunity of a lifetime. For established advisors who only know mom and dad? It's an extinction-level event. Here's what I learned talking to advisors this year: 1. "I've never met their kids" is a death sentence A veteran advisor pulled me aside: "I've managed this family's wealth for 30 years. $50 million. NEVER met the kids." More than 70% of heirs fire their parents' advisor. He knows what's coming. 2. Young advisors see the opportunity clearly One 28-year-old showed me his pipeline: dozens of adult children from clients at other firms. He texts with them about their portfolios. Their current advisors still mail quarterly statements. 77% of millennials want ESG options. He offers them. They don't. 3. The best advisors are building bridges now I met an advisor who tracks 400+ family members in her CRM. Another runs a "NextGen investor bootcamp" every summer. They're not managing money - they're managing relationships across generations before the money moves. 4. Three tactics that actually work Structured family meetings with all generations. Starter investment accounts where kids learn alongside parents. Donor-advised funds where heirs help decide charitable gifts. RBC data: advisors using all three retain 3x more assets post-transfer. 5. The spouse dynamic nobody talks about Only 15% of widows leave their advisor. Why? The advisor finally starts talking to them. One admitted: "I realized I'd been having financial meetings with half my clients for 20 years." 6. Weak relationships are destroying practice valuations An advisor trying to sell got this feedback from buyers: "There's significant succession risk here. We'll pay 40% less." His $2M practice was worth $1.3M. Average client age: 68. Heir relationships documented: ZERO. 7. You can't scale relationships with spreadsheets Managing 100 families means tracking 400+ relationships across 3-4 generations. The advisors winning use relationship intelligence platforms like Bloks to document interactions and keep detailed relationship history. One advisor: "I spent 20 years in Excel. Never again." TAKEAWAY: Every advisor I've talked to knows the stats. $124 trillion moving. 70% of heirs walking. But watching them realize they're unprepared was something else. The math is simple: Build relationships with every generation now, or watch your life's work walk out the door. The advisors succeeding are NOT relying on memory or scattered notes. They use tools like Bloks to capture every interaction, track relationship details that matter, and ensure nothing falls through the cracks. Because those inheriting kids told the young advisors: "We don't care about your 30-year track record with dad. We care if you know our names." And most advisors don't.

The Art of the Referral: Putting your clients first 🥇 At the heart of every successful referral strategy is a simple, timeless principle: putting your clients first. But why is focusing on your clients' success the key to building a thriving business through referrals? 1) Client-Centric Service: The Foundation of Trust Clients entrust advisors with their secrets and concerns. By prioritizing their needs and dedicating yourself to their success, you don't just provide a service; you build a relationship founded on trust. This trust becomes the bedrock of your reputation, a critical factor in word-of-mouth recommendations. 2)Cultivating a Referral Network: Beyond Transactions Referrals are not transactions; they are the natural outcomes of your exceptional value and service. Here are strategies to foster a referral culture: - Exceed Expectations: Go beyond the basic expectations of financial advice. Offer personalized insights, be proactive in communication, and provide educational resources that empower your clients. Exceptional service inspires clients to share their experiences. - Build Relationships: Deepen your client relationships beyond the numbers. Understanding their life goals, milestones, and challenges creates a connection that extends beyond professional advice to genuine care. - Ask for Feedback: Regularly solicit feedback to improve your services. Show your clients that their opinions matter, and you're committed to evolving based on their needs. A happy client is your best advocate. - Referral as a Service: Frame referrals not as a favor to you but as an extension of your service. Educate your clients on how their referrals allow you to help others achieve financial wellness. - Acknowledge and Appreciate: Always thank your clients for referrals. Whether it's a personalized note, a small token of appreciation, or a simple call, acknowledgment reinforces your value for the relationship. 3) Encouraging Word-of-Mouth: Best Practices - Seamless Experience: Ensure every client interaction is smooth, from onboarding to regular check-ins. A seamless experience is memorable and shareable. - Empower with Knowledge: Clients who feel informed and empowered are more likely to refer others. Use layman's terms to explain complex concepts and update clients on relevant financial news. - Be Visible: Maintain an active presence where your clients and their networks spend time, be it LinkedIn, community events, or financial seminars. Visibility keeps you top of mind. Final thoughts In essence, referrals in the financial advisory sector are about relationship-building. By focusing on delivering outstanding service that puts clients' interests first, you foster loyalty and create a culture of advocacy. Remember, when clients win, you win, and nothing speaks louder than the success stories of those you've helped navigate their financial journeys. #clients #referals #advisor #financialadvisor

Are you building client relationships that last? For many, the focus is on delivering software or hardware. But the real difference comes when you go beyond just delivering an offer — when you create an experience that makes clients feel supported and valued over the long term. Here’s where strong relationships start: 1️⃣ Be There Beyond the Project Completing a project doesn’t mean stepping away. Checking in, following up, and supporting clients even after the main deliverables are done shows that you’re committed to their success, not just to a contract. That follow-through is what clients remember. 2️⃣ Share Ideas Freely When you see an opportunity that can benefit a client, share it without adding fees or expecting anything in return. The goal is to add value because you’re invested in their growth as much as your own. 3️⃣ Be a Connector Use your network to introduce clients to other companies or experts that can support their goals. Helping clients build valuable connections shows them you’re a trusted advisor, not just a vendor. Strong client relationships aren’t built on transactions. They’re built on value, trust, and a shared commitment to growth. Companies who take the time to build this way not only deepen their partnerships—they make themselves indispensable. How are you doing on relationship building?

Effective client management begins with proactive engagement, anticipating needs and potential hurdles. Mastering the art of listening plays a crucial role in this approach, allowing us to gain deep insights into our clients' operations and strategic objectives. Imagine setting the stage at the beginning of a project by discussing with your client: Dependency Exploration: 'Can we discuss any dependencies your team has on this project’s milestones? Understanding these can help us ensure alignment and timely delivery.' Impact Assessment Question: 'Should unforeseen delays occur, what impacts would be most critical to your operations? This will help us prioritize our project management and contingency strategies.' Preventive Planning Query: 'What preemptive steps can we take together to minimize potential disruptions to critical milestones?' Success Criteria Definition: 'How do you define success for this project? Understanding your criteria for success will guide our efforts and help us focus on achieving the specific outcomes you expect.' These discussions are essential for building a roadmap that not only aligns with the client’s expectations but also prepares both sides for potential challenges, reinforcing trust through transparency and commitment. By adopting a listening approach that seeks comprehensive understanding from the onset, we can better manage projects and enhance client satisfaction. Let’s encourage our teams to integrate these listening strategies into their initial client engagements. How have proactive discussions influenced your project outcomes? Share your experiences and insights. #ClientRelationships #AdvancedListening #BusinessStrategy #ProfessionalGrowth

If you're in some version of the advisory business, think of each client as someone who is purchasing an unknown mix of three things: 1) tell me what I should do in this circumstance; 2) do it for me; or 3) may I borrow some confidence from you. In each client relationship it's different, and you kind of have to figure out what they want and need or you'll really miss the boat. If they really just want #2 (do it for me), they're going to be impatient if you keep trying to analyze and diagnose (#1). Whether they are right or not, that's not what they are paying you to do and they just want you to get on with it, don't bother them unnecessarily, and get it done. The most tenuous thing you can provide is #3 (borrowed confidence), because they'll ask for all sorts of "deliverables" in the sales conversation, but you and they know that they really need something else. They have made some tentative decisions (#1) and they are quite capable and sufficiently disciplined to do it (#2), but they want to be assured that it's the right decision and that they can pull it off. You won't necessarily get a lot of credit for client relationships that fall in that third camp, but it'll be the most impactful work you do.

During periods of economic uncertainty and market turmoil, double-down on your existing client relationships. This is not to say you should stop pursuing new client relationships, but certainly don't fall victim to "shiny new client syndrome" and fail to take care of what you already have. - Do great work for your existing clients. - Make sure you're providing excellent client service/experience. - Invest off-the-clock time to learn about the client's business strategy. - Proactively reach out to understand how economic challenges are specifically impacting your client's industry or business model. - Create targeted value-adds like customized legal updates or briefings that address your clients' emerging concerns. - Consider flexible fee arrangements for long-standing clients facing budget constraints - Schedule periodic strategic reviews with key clients to realign your services with their evolving needs - Continue to look for opportunities to introduce your clients to colleagues with different skill sets. Your existing client relationships represent your greatest asset during market turbulence. Over-invest in these relationships. The personal connections you nurture during difficult times often yield loyalty that outlasts any economic cycle.

Forget casting a wide net—this RIA built billion-dollar scale by becoming the expert for just one kind of client. In my latest Barron's Advisor podcast, I spoke with Bill Keen and Matthew D. Wilson, CFP® of Keen Wealth Advisors. Their firm has grown to over $1 billion in AUM without any M&A, debt, or custodial referral platforms. How did they do it? Through ACE! Keen Wealth went deep and narrow and focuses almost exclusively on employees of local Architectural, Construction, and Engineering (ACE) firms. Many of these firms have ESOPs, and the Keen Wealth team has become known as the go-to experts for people retiring from those companies. Here are three insights and action items for advisors who want to grow with focus, consistency, and intention. ✅ Choose a Niche—and Know It Better Than 98% of Your Competitors Keen Wealth doesn’t dabble in a niche. They own it. Their team goes so deep into these companies’ benefits and retirement plans that even HR departments call them for guidance. They’ve built expertise over decades and that’s led to long-standing trust and confidence among employees. ➡️ Recommendation: Don’t just say you specialize in a niche. Prove it. Study your target company’s benefits inside and out. Create content (blog posts, webinars, videos) that speaks directly to their employees’ questions. Become the expert go-to resource. ✅ Systematize with a Checklist-Driven Planning Process Bill and Matt developed a literal checklist their advisors use in every planning meeting to ensure consistency, depth, and quality. It’s not just about being thorough—it’s about delivering a consistent client experience, no matter which advisor is leading the relationship. ➡️ Recommendation: Build a repeatable checklist that aligns with your firm’s planning philosophy. Train your team to follow it rigorously. This is key to growing the firm beyond yourself while maintaining a high standard of care. ✅ Don’t Underestimate the Power of Perseverance Organic growth isn’t sexy. It’s slow. It takes discipline and years of consistent presence through social media, webinars, live events, niche-specific content, and thought leadership. Keen Wealth has been showing up consistently for years and that builds momentum which compounds. ➡️ Recommendation: Develop and execute a marketing strategy and stick with it. Be consistent. The results may start slow but then they’ll snowball. 🔥 Lessons for Financial Advisors: If you want to grow a focused, high-integrity firm that scales organically, ask yourself: ❓Are you deeply embedded in a niche where you can become the top expert? ❓Do you have a repeatable, checklist-based process that scales across advisors? ❓Are you playing the long game with your marketing and thought leadership? What’s been your most effective strategy for building organic growth? See comments for the link to the podcast.

Most advisors make the mistake of leading with spreadsheets - that no one cares about. Nobody makes life-changing financial decisions because of a probability chart. People take action when they feel something—fear of running out of money, excitement for a dream retirement, or the urgency of protecting their legacy. Stop bombarding clients with data.  Start telling their story.  Show them what’s at stake. Paint a picture of their future—both the dream scenario and the nightmare they want to avoid. 5 Ways to Connect with Clients on a Deeper Level: 1️⃣ Ask "What keeps you up at night?" - Don’t assume you know their biggest concerns. Let them tell you. 2️⃣ Use real-life stories - Share examples of clients who faced similar situations and how they overcame them. 3️⃣ Speak in dollars, not percentages - "You have a 70% chance of success" is meaningless. "You could run out of money by 82" hits home. 4️⃣ Frame every decision in terms of impact - How will this affect their kids, their lifestyle, their legacy? Make it personal. 5️⃣ Repeat their words back to them - People trust you more when they feel heard. Mirror their language to show you truly understand. Logic informs.  Emotion drives action. Learn the difference, and you’ll close bigger deals faster.

💡 With the TCJA sunset looming and a Republican administration reshaping the tax landscape, your clients may have a few questions: I've just released a comprehensive AI prompt library specifically designed to help advisors navigate these complex TCJA conversations. It includes: • LinkedIn post templates that actually engage • Client email frameworks that drive action • Newsletter articles that showcase your expertise • Meeting talking points that build confidence • Estate planning guides that simplify complexity • Business owner communication templates • Social Security benefit discussion guides • SALT deduction FAQ frameworks Each prompt is crafted to ensure: - Compliance-first approach - Clear action steps - Engagement-driving content - Relationship-building opportunities 💡 They're specifically engineered for wealth management conversations about the TCJA extension's impact on your clients' financial futures. #FinancialAdvisors #WealthManagement #TaxPlanning #TCJA2025