Advocis conference update: Executive orders

(May 31, 2004) Executives can be the toughest type of client to crack since they are often married to their jobs, whether at home, the office or traveling on business. But a few methodical ways will get their attention, according to Warren Baldwin, regional vice-president at T.E. Financial Consultants in Toronto. Baldwin has been advising executive clients for over two decades.

1. Give to get. If an executive prospect comes to you with a financial problem he’s facing, start by providing some “gentle guidance” instead of steamrolling ahead into a detailed plan, Baldwin told attendees at the Advocis national conference in Calgary last week. Simply suggest a nugget that gets them thinking like they develop a tax-effective portfolio or consider income-splitting opportunities.

2. Call back ASAP. Since executives can be hard to reach, they’ll often leave you detailed voicemail or e-mail messages, outlining the specific issue or question they want addressed. Pay them the same courtesy by getting back to them with an answer right away, says Baldwin.

3. Showcase your expertise. Being seen as an expert in your field, by being quoted by the media, for example, will get you noticed. And if you find an interesting article, send it to the executive with your own critique and analysis. Suggest the article’s relevance or if you disagree with the article, suggest another approach.

4. Ask open-ended questions. How do they run their business? Is there a short-term or long-term plan for the business?

5. Tap into their financial hot buttons. These could be budgeting issues or tax concerns. For one prospect of Baldwin’s, the hot button was estate planning. For months, he tried to get in touch with this prospect via voicemail, faxes, e-mails and an introductory letter but to no avail. What finally got his attention was a specific letter focused on what services he could offer the executive: broad-based financial planning and estate planning. “I went into a fairly lengthy discussion on the types of things we would do for his estate planning,” he says.

The executive’s assistant reads all his mail, but since the letter was about an estate plan (a personal matter) she forwarded the letter directly to his attention.

Once the executive came in for a meeting, Baldwin then outlined his estate planning process, which included discussing issues such as structuring the will, executorship, guardianship, spouse and children, income tax, probate costs and tax beneficiary considerations. These discussions took place before sitting down to do the will. “Going through a process similar to this builds professionalism,” Baldwin says.

Filed by Deanne N. Gage, Advisor’s Edge Deanne.gage@advisor.rogers.com