Work That Book!

We’re all looking to get in front of new, good prospects right? In today’s world of high-speed connection it’s often very difficult to get prospects’ attention! So why is it we often look past those great prospects who are already working with us? Ask any top performing financial advisor and they will reveal they have a defined, repeatable process in place for working with their existing clients, often called “working the book.” Here are the top reasons to focus on working with your existing clients:

1. You do not have all of their money! Yes, we’d like to think that we are the primary or only financial relationship our clients have but the truth is, most of your existing clients have money and opportunity with other financial institutions. It could be the 401k at their old employer, the brokerage account they forgot they had, or the money their spouse invested! It’s amazing how funds appear as relationships develop. If you keep working this client, you will continue to uncover more of their money.
2. Life Happens! Think about your life five years ago. 10 years ago. Heck, one year ago. Are you in a different financial position now with different financial needs? As our clients’ lives develop and change, they will have additional needs and different opportunities for business. If you haven’t been there to develop and cultivate that relationship, how can you expect to get that business? Be there for your clients, help them through life’s changes, and benefit from the additional business.
3. It’s not what you know but who you know! As you develop strong relationships with your valued clients, referrals will come your way. Are you cultivating a relationship with your client that lends itself to referrals? Your clients will refer you to their friends if you give them a reason. Make sure you are providing referable service!

Working your book of business is much easier than continually trying to fill that prospect funnel with new opportunities. Do you see the value of working your book? Do you have a system in place to help you efficiently get it done?

Once you’ve established a repeatable process to work your book, here are two other important steps to take:

1. Segment Your Book – not all clients and prospects are created equal and they don’t expect to be treated equally. Use that 80/20 rule to segment your book of business and set your contact and service model around your segmentation. For instance:

a.  “A” Clients – monthly/quarterly contacts and quarterly/semi-annual in-person reviews. These clients may also receive your monthly newsletter, semi-annual client appreciation event invitation, a birthday dinner, etc.

b. “B” Clients – Semi-annual contacts and annual face-to-face reviews, in addition to the monthly newsletter, annual economic update seminar invitation, and birthday card.

c. C, D, etc. – set the service models based on your capacity.

      2. Automate Your Plan – Do you have a system in place that would allow you to walk into your office each morning and easily view a list of your existing clients who need to be contacted today? You cannot remember everything and you don’t want to waste your time pulling lists. Your system has               to be simple and repeatable. You have to trust your system’s data, but you also have to be diligent about updating your system. Build the habit of consistently keeping this system updated! Automating also goes for your newsletters and birthday cards. Don’t spend hours building and rebuilding                     these items. There are many services that will allow you to “set it and forget it.” If you don’t have a system that offers this capability, search for one, or contact me to discuss ideas.

This is just the tip of the iceberg and just the surface of the opportunity that is available within your current book of business. I’d love to hear what you are doing to build your business by working your book, so please drop me an email or comment below. As Zig Ziglar used to say “You can get everything in life that you want if you just help enough other people get what they want!”