Deepen Client Relationships

Everyone likes to think they are “the only one.” This is especially true in personal relationships, but professional relationships are often more complex. 

In the financial services world, it is not uncommon to find an investment client having more than one financial advisor relationship. Most advisors are no longer surprised to find some of their clients talking with and investing with two, three or even four other investment professionals. Multiple relationships like these probably aren’t the best for advisors or their clients in the long haul. 

It is highly unusual for a client to have more than one estate planning attorney at a given time. Over a lifetime, people may have more than one attorney regarding their estate plan if their attorney retires or dies leaving the need to find a new one. Clients don’t usually get rid of their estate planning attorney without good cause. 

How does an advisor create a “sticky” relationship with their clients? This question may also be asked in terms of how does an advisor become the preferred advisor if there are more than one in the mix, or how does the advisor distinguish him/herself from the rest of the pack? 

An estate plan should be part of a financial plan. Financial advisors who are seen working in partnership with a client’s estate planning attorney will have a more “sticky” relationship than those who do not. 

When the attorney directs the client to meet with their advisor to increase their life insurance, or consider consolidating multiple retirement accounts, or identifying the funds needed for management in a special trust, the client will most likely take the direction and meet with the advisor with whom the attorney also has a relationship. If you were the advisor who first introduced the client to the attorney, then you will find yourself in the most powerful position for handling the financial needs identified by the attorney. It is a natural extension of the relationship partnership forged by trusted recommendation and execution. 

Many advisors have expressed concern and fear of recommending an attorney to their clients to create their estate plan. Attorneys are notorious for “taking over the client relationship” and telling the advisor the information gathered cannot be shared because of “attorney-client privileged.” In addition, advisors have experienced attorneys providing the name of another advisor to provide a “second opinion” on investment accounts or to write needed new business. 

If you, as an advisor, can develop a trusted relationship with an attorney firm that will respect your referral and work together to integrate the estate and financial plan, refrain from hijacking the client and making sure you get the opportunity to generate new business, then you should develop that relationship. When you are viewed by the attorney as a working partner-peer, you client will see you in the same light and want to “stick” with you above all others. 

Advisor Centric Trusts understands advisors and eases their fears and concerns in making a referral to an estate planning attorney. Attorneys sourced by Advisor Centric Trusts accept advisor client referrals with an understanding that this is an advisor’s client. After securing written permission to share information with the advisor as part of the estate plan development process, advisors are made part of the process to the extent they desire. A case manager paralegal will take the lead of moving the estate planning process along so the advisor isn’t left wondering what to do next. The paralegal will make sure the advisor is included and kept informed sharing information on a current status. Once the legal work is done, the advisor should be ready to follow up on any business opportunities that are made known. Want the “stickiness” with your clients that comes from a peer-partner relationship with a professional estate planning attorney, then contact Advisor Centric Trusts who will connect you with an attorney who will work with you to experience all the benefits the relationship can provide.