Managing relationships with clients/friends in a small town

The degree to which advisors develop friendships with clients is always an interesting point of discussion. For Mark Robert Rando, a five-year MDRT member from Bunbury, Western Australia, Australia, establishing those bonds is essential.

While Rando lives in a moderately sized community of approximately 60,000, there are more than 100 advisors in the area and four other business on his street alone. Plus, many potential clients believe they are better off seeking advice four hours away in a larger city. It all means that Rando and other local advisors need to go above and beyond to be seen positively. “When you live in a small town like mine, the last thing you want to do is go out to dinner and have someone stick a knife in your back,” he said.

Establishing connections

A self-proclaimed Harley-Davidson “fanatic,” Rando often texts clients who also own motorcycles about meeting up for a ride and lunch. He connects with the community by sponsoring local projects, attending sporting events and participating in his local chapter for motorcycle enthusiasts. By sharing his passions (which also include fishing and golf) with clients, he has made connections that lead to spending time together socially.

This never creates any complications, Rando said, because he does not mix the personal and professional. He does not talk business when out fishing or riding motorcycles with clients; if he calls a client who is a friend about a business matter, he will begin the conversation by saying, “This is a business call.”

And his clients/friends follow suit. One called him recently and said, “This is a business call,” leading into a conversation about Rando’s office renovations. The day before, however, he called Rando — whom he affectionately calls “Randy” — and said it was a friendly call, asking if he wanted to get a beer. Rando declined, but not because he didn’t want to blur lines about the relationship: “I’m on a diet,” he said.

Read more from Round the Table about setting boundaries with clients.

Written by Matt Pais, MDRT Content Specialist