Estimated reading time: 2 minutes, 23 seconds

Thank You!

From our early childhood days, we are taught that expressing gratitude is simply a matter of good etiquette. Yet, many financial advisors fail to realize that expressing gratitude is an important part of the prospecting process.

It can be an opportunity to gather helpful information on prospects and a chance to illustrate that new clients are welcome and appreciated.


While there are many additional benefits to a ‘Thank You’ follow up with a client, here are the top 3:

Reason #1: Referral Intel

A thank you note can be a great way to get referrals, as well as gather information that can help break the ice during an initial meeting.

Consider the following process: An existing client recommends their advisor to a friend. That friend then calls the advisor. The advisor has the advantage of a strong referral, but has little insight into the client, who is basically a complete stranger.

Rather than go into such a meeting cold, advisors may want to contact the source of the referral to express gratitude for the recommendation. The conversation, however, should be about more than expressing gratitude. Indeed, advisors can also include small talk about the prospect with questions such as “how did you meet the person?” or “how long have you known the person?”

Chances are the source of the recommendation may respond by explaining the origins of the relationship, such as common memberships in industry organizations, civic organizations, churches, or other entities. You can also gather information on the types of services that the prospect may need. For example, your client may mention that the prospect just had a child and is concerned about starting a college tuition savings program or that the prospect is planning to sell a business and needs help with managing proceeds from the sale. Armed with that information, you can prepare to discuss those topics prior to the meeting.

The challenge, of course, is to use constraint so that the prospect doesn’t feel you are being overly intrusive.

Reason #2: A Logical Follow-Up

A simple thank you can allow you to follow up with a prospect after an initial meeting, convey an understanding of a prospect’s needs and explain why you are able to meet those needs. In the letter, the advisor can then emphasize his or her experience in the area discusses. For example, if you’ve discusses saving for college, you can tout your experience with 529 plans and other savings programs.


Reason #3: Basic Business Building

While thanking someone for providing a referral, an advisor can explain that he or she wants to continue growing their book of business, so referrals are highly appreciated. That may encourage the source of the referral to provide additional referrals in the future. It can also allow you to communicate the types of clients that you find most desirable and that you feel you can best help.

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Last modified on Tuesday, 09 July 2013
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