Memphis: “I don’t disagree with you about the importance of getting social with affluent clients. And your research makes a lot of sense that socializing in affluent circles is a key component to any affluent marketing plan,” declared James as he prepared to make his point, “But I don’t have the time to schmooze with clients. We’ve got a very efficient team and pride ourselves with our service – there’s no wasted time in our day.”
In a variety of ways, I’ve heard this refrain many times: I don’t have time to socialize with my affluent clients.
Oh really? The reality is that James can’t afford NOT to socialize with affluent clients.
Coincidently, I’d just read a WSJ article by Ann Lukits (January 7, 2014) titled We Don’t Exercise as Much as We Say. You might have seen it. Anyway, she writes of a study reported in the American College of Sports Medicine Journal about a week long probe of nearly 2,000 men and women aged 18 to 84 on their exercise routine. Each participant wore an accelerometer (activity monitor) and kept a journal of their daily exercise. What they discovered was the self-reported vigorous exercise conflicted with the data recorded on the accelerometer. Nobody, young or old, was exercising as much as they thought.
According to the American College of Sports Medicine, exercisers are BSing themselves about how hard they exercise.
I suggested that James read Lukits’ article because my suspicion was that he was uncomfortable making the necessary changes that would enable him to socialize with his affluent clients.
Whether it’s our exercise routine, eating habits, or a day in the office it appears that we have a tendency to BS ourselves.
Here are 5 questions to answer honestly that will help eliminate Self-BS…
- When was the last time you did anything social with one of your top 25 clients?
- How often do you personally communicate with your top 25 clients? (birthday and holiday cards don’t count)
- How many activities do you engage in that don’t involve personal interaction with either a top 25 client, COI, or affluent prospect?
- Why aren’t you delegating all activities identified in Q 3 above? (not having the staff doesn’t qualify – hire a part-timer if necessary).
- Have you scheduled daily out-of-office social interaction with top 25 clients, COIs, and affluent prospects (lunch, drinks, dinner, golf, etc.) for 2014? If not, now’s the time.
I’m not sure James is going to follow through on these questions to eliminate his Self-BS, but he should.
If you’re not spending enough personal time with your affluent clients, COIs, and affluent prospects, you’re likely to benefit from honestly addressing the 5 questions – it will help eliminate Self-BS.
I’d love to hear your thoughts about “who’s BS’ing whom” – what’s been your experience?
Matt Oechsli  is the author of Best Practices of Elite Advisors. His firm, The Oechsli Institute  does ongoing research  and coaching  for nearly every major financial services firm in the U.S. Visit www.oechsli.com .