Northern Virginia-based financial planner Christopher P. Hill is in hot demand these days. His clientele, most of them baby boomers, are in a real pickle as they stand by and watch their retirements diminish day by day. Hill has heard his share of tragic tales of woe as of late. Folks who visit his offices seeking advice at times spill their guts and often even shed tears as they seek a financial planning miracle to help them protect whatever is left in their accounts.
As I sat down with Hill, I got the sense he was more than a financial planner. Judging from the various notes of deep appreciation and sincere thanks Hill receives regularly, Hill’s clients clearly see him as a real hero. One such Hill fan sent in a touching note of gratitude:
“I cannot tell you how comfortable I am, and Nancy too, having your guidance and direction with our retirement finances in particular … It has been your efforts that have kept our losses at a minimum! Many of my friends have not been as fortunate. Thank you my friend for your hard work.”
So what does Hill think about his financial planning services and how does he go about landing new clients? What advice does he have for other financial planners in the business? Here, Hill shares his insights and perspectives…
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Q. What’s the one thing most people don’t know about what a financial planner does?
A: I would have to say that most people immediately assume a financial planner helps you to make money or increase the amount of wealth you have. Quite the contrary … a good financial planner’s goal is to help you *not* lose the money you have saved rather than make you any new money.
Q. Describe your approach with new clients? What do you with new clients as you meet with them for the first time that others can learn from?
A: There are financial planners out there that have the wrong mentality from the get-go. They are thinking more about helping the insurance and policy providers they work with (so they can increase or improve their own commissions) rather than focus on the needs of the consumer. My approach is just the opposite; I always ask myself what I can do for the client, period. It’s important to remember you are there to help the client, not just yourself.
Q. What do you envision for your financial planning services firm future? Growth? Expansion?
A: My firm is currently working with about 140 clients and I personally manage over 4M dollars worth of assets and accounts. I probably could stand growing up to about 200 clients but no more than that. I never want to be any bigger than what I am now. I think it’s better to be able to offer customized services and personalized attention and our clients seem to really like that as well. Anything bigger than 200 would really prevent me from being as attentive as I am now. I know all my clients by names, I know the names of their children and to be honest, I really like my clients as people. I’ve been very fortunate to have chosen some wonderful clients and to have had some wonderful clients choose me.
Q. When new, troubled folks walk into your offices, how do you put their minds at ease?
A: For one, we always have freshly baked cookies available in our office. Chocolates and candies always help to break the ice. Once we get settled to discuss their financial situation, I never ask them about their money. Rather, I ask them why they’ve come and how can I help. Then I let them do all the talking. It’s all about listening and gathering information. It’s important to let the clients feel they be forthcoming and comfortable “confessing” their financial secrets, challenges and plights in a trusted environment.
Q. After the clients have disclosed their situations, when do you kick into action?
A: Once I’ve gathered all the information I need in order to work my numbers and figures, I sit with the client and cover all of their options. I identify their problems and make practical recommendations, providing them with enough information for them to make educated decisions. I always welcome my clients to seek a second opinion should they want to verify any of the information I’ve shared with them. If I can’t prove my recommendations are the most effective and efficient, I haven’t done my job.
Q. How do you market your services?
A: My main source of marketing has to be my free monthly seminars on financial planning-related topics. These seminars will usually attract about 10-15 people and of these folks, about 2-5+ will go on to become new clients. My free seminars are, for the most part, my single most effective way I market our firm and our services. They really help to position me as a subject matter expert and also help to bring what can be a difficult, complicated subject down to earth for all to better understand.
Q. What one secret of your success can you share with others who seek to launch their own financial planning services business?
A: Lighting! Yes, lighting! I forbid overhead lighting in our offices. It washes out the very comfortable environment we’ve worked so hard to create in our firm. We only use table or floor lamp lighting all throughout our office space which helps to create a very warm, lounge-like feel from the moment you open the front door. Something else I would add is to avoid excessive pomp. Yes, clients do want to see some credentials visibly displayed but not a glorified wall with hundreds of plaques, awards and certificates. Select a handful of plaques to hang up; the rest can get stored away. Remember … it’s all about the client, not you! The clients usually come to see you in their hour of need and deserve your time, your focus and your attention.
Tags: Christopher Hill, financial planning, Interviews, Wealth and Income Group
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insurance companies are now thinking of new ways to attract customers because of the strict competition, now they are offering great deals for their customers to maintain the level of competency.
Fantastic. I've learned a lot about landing new clients from your interview with Mr. Christopher Hill, and I truly appreciate how open he is at sharing pointers on how he became as successful as he is today. Looking forward for more informative interviews like this on your blog. Thanks a lot!
Fantastic. I've learned a lot about landing new clients from your interview with Mr. Christopher Hill, and I truly appreciate how open he is at sharing pointers on how he became as successful as he is today. Looking forward for more informative interviews like this on your blog. Thanks a lot!
financial crisis is a big issue now a days, for we are experiencing a global crisis, this is indeed an informative post
Financial planning is very much needed today, such services are a must if you don't want to make the financial mishaps that you blindly done before.