Significant life experiences — such as the death of a loved one, marriage, divorce and the birth of a child — impact your clients’ lives and finances. Financial advisors often have a front-row seat to many of these seasons in their clients’ lives.
While cards and flowers are kind and thoughtful gestures for these life changes, some advisors go the extra mile and offer referrals and connections to additional services as a next level of client service and care. It can help clients feel understood and cared for by their financial advisors, which leads to trust and referrals.
Here are a few of the ways you can build strong bonds with clients while helping them through some of life’s biggest transitions.
After a death
After a client experiences the death of a loved one, seven-year MDRT member Twyla Dawn Hardham, CFP, shares her concierge list of referrals for funeral services and arrangements. She also sends her clients meals so they don’t have to worry about preparing dinners while they’re grieving.
Later, Hardham also offers concierge-type lists of services a new widow may need help with, such as for repair people in the community.
During a divorce
Hardham also provides tips and resources for clients who are going through a divorce.
“Being a connector to people is how you can offer service for clients,” Hardham said.
Elke Rubach, LL.M., CLU, an eight-year MDRT member, also provides resources for divorcing clients, which includes helping them list their priorities for what they want from the divorce. She guides them to putting harmony with the kids first on the list. “Material items can be replaced, but kids are more important. You’re always teaching kids. Even in a divorce, you are teaching kids that they don’t have to stay in relationships that are no longer positive,” Rubach said.
Furthermore, for those clients considering a divorce, she’ll help them look at different scenarios for cash flows, thinking through long-term financial decisions and budgets. She provides them with referrals to lawyers and family therapists, if that’s needed.
When clients are divorcing, though, you have to be aware of conflicts of interest, which can mean referring one of the spouses to another advisor, Rubach said.
Before getting married or having a baby
For clients considering marriage, she advises they put in place prenuptial or cohabitation agreements.
“It’s all about being of service to clients and making things easier at times when life feels more complicated,” she said.
Rubach also provides clients with additional assistance when they’re pregnant with their first child. She counsels new parents-to-be about the ins and outs in her local area in Canada, where Rubach is located, of finding a pediatrician before the baby is born or leaves the hospital as well as signing up for day care before the baby is born. She also talks to them about getting or refreshing wills, purchasing life insurance while they’re still insurable, life insurance for children and education savings plans for children.
“Clients appreciate the information, and I get introductions from this,” Rubach said.
For more holistic client service ideas that will set you apart from other advisors
- Read “Holistic planning and navigating your clients through life’s challenges” (MDRT member exclusive)
- Watch “High-quality client care ideas” (MDRT member exclusive)
- Read “Thriving as a successful financial advisor in Singapore’s fast-paced landscape”
