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When we were children, we looked forward to birthdays. We got gifts! As we grew up, gifts became checks! That was even better. We had birthday parties. As we get older, the gifts, cards and parties often stop. This can present an opportunity for financial professionals.
Birthdays are one obvious example of a reason to celebrate. There are others. Let us also remember there are reasons to console, when a client suffers a loss or setback. This extends beyond the immediate family into the realm of in-laws too.
1. Birthdays. It makes sense to send birthday cards. LinkedIn prompts you about birthdays, yet retired clients might not be on LinkedIn. You should be able to buy cards around the 99 cent price point at Trader Joe’s and the various dollar stores.
2. Christmas and major holidays. Years ago, people sent Christmas cards to lots of people. It was a way to stay in touch, at least once a year. They often included their annual holiday letter. Do you send cards to clients in December? A manager once remarked: “People always remember who sent the first card they received that year.”
3. Anniversaries. These are milestones. Hopefully both members of the couple pause to celebrate the occasion. This can be another good reason to send a card.
4. Funerals. People die. Older clients sometimes feel “they are next.” Sometimes the funeral is well attended, other times they are not. Some clients become very close friends. Attending the funeral makes sense if they live in the same general area. Sending flowers is a sign of respect, regardless of distance. You aren’t doing this for all clients, but you will know when you should make the extra effort.
5. Deaths within the extended family. This is an area where you might feel introducing business is in bad taste. In some families one partner handled all the finances. Regardless of the length of connection, you don’t want to be insensitive. You might remind them you have helped others sort through the financial affairs of the deceased. You would be willing to help. They only need to ask.
6. College graduations. Many financial advisory relationships span decades. Years ago, a UGMA account might have become a college savings account and then an empty account as tuition was paid. You have traveled together on a journey. You might send a card. You might be invited to the graduation or the party that follows. Accept the opportunity.
7. Weddings. This is another big ticket item for clients. You might have helped them plan for the expense beforehand or research the costs once their child got engaged. Like the college graduation, this is an opportunity to strengthen the bond with the next generation, also knows as heirs. Ideally becoming your client is a natural next step.
7. Vacations. Sometimes clients have bucket lists. Other times they celebrate milestone anniversaries like 25 and 50 years. It is logical you will know where they are going, since they would provide contact information. Sending wine or flowers to their hotel room or cruise ship cabin I like the message: “Hope you enjoy your transatlantic crossing as much as we did.”
You want to be considered an integral part of the family. You are the family advisor. Becoming part of their milestone celebrations is a good step. In the right direction.
Related: You Don’t Know What Your Total Worth Will Be in the Future