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There’s an old expression that people like to do business with people they like – the best relationships between advisors and clients cross the line from being purely business to developing an emotional component.
The most successful advisors are both respected and liked by their clients.
One of the things that makes advisors likeable is when clients know that their concerns go beyond their financial success – a bigger home, flashy car and fancy office – and that advisors have a broader commitment to give back to the community.
Many advisors do lots of things to give back to the community but aren’t rewarded for it in terms of how clients view them. If you want your charitable efforts to register with clients and help position you as someone who is genuinely community spirited, there are some things you have to do beyond just writing checks.
The three steps to a signature charity
First, you need to focus on one or two key causes that are a fit for you. That doesn’t mean you don’t support other charities as well, but you have to emphasize one or two in particular.
Second, you have to be consistent in that support over a number of years, so that those charities become your signatures with clients.
Finally, you have to let clients know about this in an appropriate fashion. You’ve got to be careful about not having this appear self serving, and there are ways to do this.
On the issue of focus, a number of successful advisors have gravitated to support one particular cause that they communicate to clients.
And typically, this cause is one that clients can relate to at an emotional level. You might be a strong supporter of the local opera company or symphony. That’s great if it’s something you’re passionate about, but it doesn’t seem to resonate the same way as supporting a foster child in South America, a cause like Make a Wish or a hospice in your community.
Size matters here – it’s harder to have clients feel that you’re making a difference in your support if it’s a larger, more institutional charity, no matter how good the work it does.
