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No, it’s not about chicken!

Knowing and understanding your clients’ needs is crucial to providing excellent customer service and increases your retention.  This applies to all businesses.  We sometimes forget that.  I’ll use finance to explain and wrap it up for you at the end.

KYC = Know Your Client.  If you haven’t done one with your financial advisor in the last year, fire them!  If your client hasn’t made the time to sit with you and get the KYC done, fire them!

Yes, that’s a two way street.

In order for your advisor to be able to do their best job for you, they need to know what you are thinking.  Your advisor will need to know what has changed in your life that may affect your expectations.  A sound financial plan depends on it.  Do the meeting or fire them.

From an advisors perspective, this is also a great way to identify opportunity.  Often it shows up in the risk management side if you pay attention.   So much time is spent on the investments that the vision runs the risk of becoming too narrow.

Clients, you need to understand that most advisors worth their salt are paid on commission.  The trick is to balance your needs with the products and services they can provide.  A good advisor won’t over sell you but it’s important for both of you that you aren’t under sold.

As an example, when I bought a life insurance policy 20 years ago, my agent was smart enough to emphasize the importance of a child rider.  It’s easy to say no because it just seems like a cash grab for an extra couple of bucks.  Children don’t die.

I buried my son at the age of 22 a couple of years ago and that rider wasn’t enough to cover the cost of the funeral.  I’m thankful I had that rider because that $10,000 made the difference in not totally destroying our finances.

Advisor, KYC.  Client, make them!  Your advisor can’t help you if you hold back.

Now, think about this for your own business.  If you Know Your Client, you can serve them better.

Sell someone a car that fits their life properly and they will come running back to you for the next one.  If you sell houses, stay in touch.  Needs change and people move.  The one who is touching them when the need changes will have the business.  Make sure it’s you.

This can be applied to any business.  Don’t underestimate the value of post sale customer service.  Remember, the sale never ends.


Make it a great day!


P.S.  What am I thankful for today?  I’m thankful for life experience.  I’m thankful for training in finance.  I’m thankful for nuts!

What are you thankful for today?

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