Mastering meaningful and productive follow-ups

“Let me think about it” is something we’ve all heard from clients. So, you follow up a week later with a phone call, and they’re still thinking. Every time you follow up, they haven’t decided yet. Eventually, this deteriorates to you leaving messages and not getting a response.

Here are a few strategies for more productive follow-ups:

• Set joint expectations. Gather the information for the financial plan, and set a date to get back together and review the completed plan. You also let them know, “At that meeting, you will also decide if you are moving forward with the plan. It is established beforehand that this is a decision-making meeting. The risk is the second meeting never happens because the client doesn’t want to move forward. At the very least, it saved you time.
• No decision is a decision. You give your presentation to the client, and they want to think about it. After one or two follow-up calls, you explain, “When you are making no decision, you actually are making a decision. You are deciding that the investments you are holding now are appropriate moving forward, and you don’t need to make any changes.” You might explain the future economic scenario that their current investments support and the future scenario that your recommendations support. Can they make their case why making no changes is the right decision?
• The cost of waiting. This strategy works best when there are individual investments such as stocks involved, where the investment cost varies at different times, or there may come a time where they’re not eligible to buy a particular investment product. So, the next time you talk, run the numbers again. How might the cost increase in a year or two as circumstances or financial markets change? The difference between then and now is the cost of waiting. If costs increase, this puts a price on delaying their decision.
• Bringing new information. Circle back to the client to share additional research or an upcoming rate change.
• Seeing each other. You don’t always need to bring up business. If you are in the same social circles, simply seeing you can prompt them. They might say, “I know I owe you a call.” That can be your opening. 

Following up is important, and you want to do it in a way that brings positive results and not clients who try to avoid you.

Bryce Sanders is president of Perceptive Business Solutions Inc. His book, “Captivating the Wealthy Investor,” is available on Amazon.

Try these MDRT member-exclusive ideas for moving clients forward

• Read “Getting past no”
• Watch “Objections”