1. Turning Clients Into Advocates How to Get More and Better Referrals from Your Best Clients Stephen A. Saenz Copernicus Partners

2. TCA Key Learning ObjectivesAt the end of this WORKSHOP, you will be able to Copernicus Partners At the end of this WORKSHOP, you will be able to Differentiate marketing from sales Differentiate marketing from salesIdentify the right clients for your business Identify the right clients for your business Articulate an effective value proposition Articulate an effective value proposition Make your business more attractive to HNW clients Make your business more attractive to HNW clients Turn more clients into advocates Turn more clients into advocates Get more and better referrals from existing clients Get more and better referrals from existing clients Command greater respect from centers of influence Command greater respect from centers of influence Get more and better referrals from centers of influence Get more and better referrals from centers of influence 2005 Copernicus Partners, LLC | CopernicusPartners.com2 3. TCA Marketing vs. Sales Copernicus Partners 2005 Copernicus Partners, LLC | CopernicusPartners.com 3 4. TCA Identifying the Right Clients for YOUR Business CLIENT PROFILE Copernicus PartnersNeedsAssetsRevenue PotentialDemographicsInvestor Style 2005 Copernicus Partners, LLC | CopernicusPartners.com 4 5. TCA Articulating an Effective Value PropositionA value proposition is a statement that tells people Copernicus Partners what they can expect to get (in exchange for what they will pay) when they sign up to do business with you.An effective value proposition is one that speaks to the listener (reader) and says something highly relevant to them.Your value proposition should also let your listener or reader know why they should do business with you rather than one of your competitors.A value proposition is NOT the same as an elevator speech and is something that is best communicated in writing or in a previously scheduled meeting. 2005 Copernicus Partners, LLC | CopernicusPartners.com5 6. TCA Hunter vs. Hunted Mentality PROJECTIONATTRACTION Copernicus Partners(The Hunter Mentality)(The Hunted Mentality)SALES MARKETING 2005 Copernicus Partners, LLC | CopernicusPartners.com6 7. TCA Every business attracts certain types of clients Copernicus Partners 2005 Copernicus Partners, LLC | CopernicusPartners.com 7 8. TCA By the same token Copernicus Partners 2005 Copernicus Partners, LLC | CopernicusPartners.com 8 9. TCA Marketing is the engine that drives your business Practice Management Copernicus Partners FINDING ADMINISTRATION MarketingSalesand OPERATIONSGRINDING Portfolio Financial Portfolio Portfolio Financial Reviews PlanningDesignMgmtResearch MINDING ClientRelationship Sales Service Management Team Devel opmen t 2005 Copernicus Partners, LLC | CopernicusPartners.com9 10. TCA Ladies & Gentlemen: Crank Up Your Engines!FINDING Copernicus Partners EducationalReferrals from CommunitySeminars Clients/COIServiceAn effective marketing engine keeps your sales pipeline filled GRINDINGPortfolio Financial Portfolio Portfolio Financial Reviews PlanningDesignMgmtResearch MINDINGClient Relationship Loyalty Process Sales ServiceManagement 2005 Copernicus Partners, LLC | CopernicusPartners.com10 11. TCA Why do most advisors get so few referrals? Copernicus PartnersRaving FansAdvocates ? Clients CustomersShoppers LOYALTY LADDER Prospects *Used with permission. Adapted from Up the Loyalty Ladder, By Murrayand Neil Raphel Raphel Marketing, Atlantic City, NJ | www.raphel.com 2005 Copernicus Partners, LLC | CopernicusPartners.com11 12. TCA Exceeding Client Expectations Copernicus Partners 2005 Copernicus Partners, LLC | CopernicusPartners.com 12 13. TCA Satisfied clients are just that, CLIENTS! Copernicus Partners 2005 Copernicus Partners, LLC | CopernicusPartners.com 13 14. TCA The Key to Turning Clients Into Advocates Copernicus Partners 2005 Copernicus Partners, LLC | CopernicusPartners.com 14 15. TCA Lifetime Value of A Loyal Client CLIENT A CLIENT B Copernicus Partners $500,000 $2,000,000 2% fee 1% fee $40,000 8% growth8% growth $37,500 $289,731 $35,000 Annual Annual Fee Paid by from Client Time Required to Service Relationship $32,500Revenue Received Client $30,000 Revenue B $27,500$25,000$22,500$20,000 $144,866 $17,500 Revenue A Time $15,000$12,500$10,000 123 4 5 6 7 8 910 2005 Copernicus Partners, LLC | CopernicusPartners.com 15 16. TCA Lesson of the Loyalty Ladder Copernicus PartnersRaving FansADVOCACY PROCESS Advocates Clients CustomersSALESPROCESS Shoppers LOYALTY LADDER Prospects *Used with permission. Adapted from Up the Loyalty Ladder, By Murrayand Neil Raphel Raphel Marketing, Atlantic City, NJ | www.raphel.com 2005 Copernicus Partners, LLC | CopernicusPartners.com16 17. TCA Story Builder Process ELEMENTTELLS PEOPLE Copernicus PartnersMission StatementWhat you do (for them) Core ValuesWhat you stand for Philosophy What you believe ProcessHow you do it People Who you are Points of DistinctionWhat makes you different 2005 Copernicus Partners, LLC | CopernicusPartners.com 17 18. TCA Client Advocacy Process: 30,000-foot view Client Advocacy Copernicus Partners 6. Follow up to ensure successful resolution 5. Refer clients to problem solvers as needed 4. Build a network of expert solution providers 3. Uncover more breakthrough insights 2. Get to know them (their families) better1. Spend more quality time with your clients 2005 Copernicus Partners, LLC | CopernicusPartners.com18 19. TCA Client Advocacy Process: 15,000-foot View Spend more quality Get to know them andUncover more Copernicus Partnerstime with your clients their families better breakthrough insightsYou add value just by When you spend more QTBreakthrough insights arespending more quality timewith your clients, you get to things you learn about yourwith your clients. QT isknow them better. You can clients that enable you totime spent with your clientsalso strengthen your client add value. These could bewhere the purpose of therelationships by taking anproblems and challengesmeeting is something otherinterest in their families. they face now or in thethan discussing the clientsYou do this by asking the future. They could also befinancial affairs.right questions.aspirations and dreams. Build network ofRefer clients to problemFollow up to ensureexpert solution providers solvers as neededsuccessful resolutionESP include people whoWhen your network of ESPAnytime you refer a clientcan solve specific problems is broad and deep enough, to someone, you run theor challenges for youryou will be able to solve risk of them dropping theclients. They also includeany type of problem or help ball. You can avoid thispeople who can help a clients achieve just aboutand demonstrate your roleclient or one of their family any dream they mightas a strong client advocatemembers realize a dream have. Do that and you willby following up to ensureor take up a new hobby. add extraordinary value.successful resolution. 2005 Copernicus Partners, LLC | CopernicusPartners.com19 20. TCA Tapping Into Your Clients Circles of Influence INNEROUTERBiz Copernicus Partners Broker CIRCLECIRCLEArchitectBuilderAccountantAttorneyKEYAD / PR Printer CLIENTAgencyBusinessFamily PartnerMember Golf YachtProBrokerReal Estate 2005 Copernicus Partners, LLC | CopernicusPartners.com 20 21. TCA Client Advocate Campaign (CAC) THE SYSTEMTHE TOOLS Copernicus Partners Identify Key Clients Key Client List Invite Key Clients to lunchInvitation ScriptClient Survey Part 1 Position Advocacy Campaign and Client Changes & Transitions Survey Professional Advisors & Mail Part 1 of survey Service Providers Conduct CAC Meeting Family Information Reposition advocacyClient Survey Part 2 campaign and survey Client Satisfaction Survey Review Part 1 of surveyCAC Meeting Confirmation Letter Conduct Part 2 of surveyCAC Meeting Script Send thank you note to client Call ESP candidates to schedule PAC Meetings 2005 Copernicus Partners, LLC | CopernicusPartners.com 21 22. TCA Professional Advisor Campaign (PAC) THE SYSTEMTHE TOOLS Copernicus Partners Contact ESP candidates PAC Invitation Script Introduce yourself and PAC Meeting Script mention mutual clientProfessional Advisor Interview Position your ClientAdvisors & Service Providers Advocacy CampaignWorksheet (take blank to PAC Position ESP Network Meeting) Have PAC Meeting Conduct Professional Advisor Interview Offer copy of PSN sheet Get copies of ESPs marketing brochure Send thank you note Report back to your client 2005 Copernicus Partners, LLC | CopernicusPartners.com22 23. TCA Summary of Key Points Keep the marketing and sales functions separate. Copernicus PartnersKeep the marketing and sales functions separate. Identify the right clients and dont settle for less.Identify the right clients and dont settle for less.Develop and articulate an effective value proposition.Develop and articulate an effective value proposition.Harness the power of attraction marketing.Harness the power of attraction marketing.Make sure your business is attracting the right type of clients.Make sure your business is attracting the right type of clients.Crank up your marketing engine!Crank up your marketing engine!Aspire to exceed client expectations.Aspire to exceed client expectations.Become a stronger advocate for your clients.Become a stronger advocate for your clients.Develop and implement the Client Advocacy Process.Develop and implement the Client Advocacy Process.Tap into your Key Clients Circles of Influence.Tap into your Key Clients Circles of Influence. 2005 Copernicus Partners, LLC | CopernicusPartners.com 23