Expand sales with current buyers.
Regardless of what they tell you face-to-face, every client has issues you need to “pay more attention to.” The Penny Process surfaces how each client envisions his ideal provider and enables you to align your behaviors and activities with that vision.
A Wealth Management Advisor learned for the first time why a 20-year client continued to maintain investment accounts with other advisors. In his Penny Survey, the client admitted, “we’re such good friends, it’s not always easy to be objective.” In their follow-up discussion, the FA realized that the comment was a safe way of describing significant frustration: the client and friend felt taken for granted. Not only did the open and honest discussion that followed strengthen their relationship, it defined several simple changes the advisor could implement. Within 9 months, the client had tripled his account size.