Directors Council Success Story
by Tim Gelinas
Many years ago, our firm created a process to assist with keeping client information up-to-date and to assist their heirs with estate settlement. This process is usually overlooked by most advisors, as they are preoccupied with gathering information pertinent to asset management assessment. Our process goes far beyond identifying a client’s “financials”, which makes it an integral part of the client’s overview. This process positions you as resource with access to current information to maintain oversight as well as providing clients with peace of mind knowing somebody will be there to help their loved ones with organizing important financial information.
That being said, I have heard that the retention rate of assets by advisors when a client passes away is somewhere around 5%-10%, whereas our firm has a retention rate that lies somewhere north of 90%. This high retention rate is attributed to many things, including the hands-on approach and attention to detail created through our client information gathering process. Throughout the years we have not only retained tens of millions of dollars in assets, but have also uncovered tens of millions more. Also, the unique service positively impacts the referral process.
Recently, we have had a client pass away, one of my all-time favorites for almost 20 years. She was fun, compassionate, adventurous and very down-to-earth. She had a farm and bred Arabian horses with her husband. She was the “numbers” person in the family. Though she had a couple of other advisors, she made it very clear to her husband that he was to call me when something eventually happened to her. That day came when she lost her fight to cancer. It was a very difficult battle, but she left this world the same way she lived. She was always positive and thankful to the Lord for how He blessed her and allowed her to live such a good life full of loving relationships. As is the case with many of our clients, we were one of the first calls her husband made. Prior to her death, we discussed how I was to help her husband with the investments portion of finances. When I finally received the call, I knew exactly what we were to do, as much of her estate was to be given to different charities and the rest was for her husband to use at his own discretion.
Because of the unique system we have implemented throughout the years, the process of setting up his accounts has been seamless. Also, it helped him understand what her wishes were for him. I encourage each of you to create or use a system that will help you do more that 99% of the other advisors out there. It’s the little details that can separate you from your competition.