Family Office Coaching with Lance Meikle


October 8, 2021


This podcast is going to:

  • Challenge your honesty to yourself
  • Explain:
    • why clients leave
    • what you can do to eliminate losing clients
    • how to have client engagement that will lead to referrals
  • Give direct feedback from clients we onboard

Now, let’s jump straight into the information for making you money.

Why clients leave?

  • You meet your prospect, build a rapport, educate them, discuss options and then implement. Then what?
  • The time between discussions starts to push out, the level of enthusiasm and engagement diminishes because the needs of the now client, have been met.
  • Enter year three. The value | reason for your client to meet with you becomes, at best, questionable as ‘everything is fine’ and you are looking after things and they appear happy but they don’t know what they don’t know. Then a business like Generational comes along and commences a conversation about eulogy, legacy, and intergenerational transfer of assets &/or wealth and connect at an emotional intelligence Having arrived at this point, the conversation and relationship take on a new meaning, has substance and a purpose and they are engaged, but sadly, no longer with you.

What you can do to eliminate losing clients?

  • Change, change, change
  • Look inwards and be honest about what you find with regards the lack of engagement from your business to your clients and from your clients to your business
  • The definition of insanity is “doing the same thing over and over and expecting a different result”
  • Adapt and implement an offering that is a new frontier – It’s called “Family Office”
  • Show your clients respect by not talking about care, but rather, allowing them to experience it. Don’t talk care but rather ‘walk the walk’
  • Not only identify what is important to your clients but provide solutions
  • Understand and engage with your clients based on emotional intelligence not jargon and transactions
  • Know the tribe that is important to your client

How to have client engagement that leads to referrals

  • Understand that when a customer goes to KFC, what do they expect? Chicken, “it’s a given”, when they go to a garage, what do they expect, fuel “it’s a given”. When they come to see you, what do they expect? That you will do what you offer and charge for it “it’s a given” don’t expect engagement nor excitement about what you do, surprise | excite the client with what’s not a given.
  • Invite a client to sit on your Advisory Board so that they can provide input and share their experience with their tribe
  • Ask the client if they are happy with mediocrity or would like abundance. Mediocrity is what you (and competitors) currently offer and abundance is family office (which is the new frontier)
  • Here’s the question for genuine client engagement “If you were at your eulogy today listening, are you happy with what your heard or are there gaps? If you want the gaps gone, let’s get started”.
  • Talk about what your business is doing both in reducing your carbon footprint and contributing to zero carbon emissions by 2050 (this demonstrates that your business is a responsible corporate entity, not an ignorant one)
  • Establish what values and attributes align with the values of your business and only deal with clients that meet this brief. Create and promote on socials and your website, what the attributes of a client are for your business. This is the how alignment | engagement happen, it is not luck nor coincidence that having done this exercise, you will only deal with aligned and engaged clients, who referrer likeminded people | businesses to you.

Direct feedback from clients we onboard

  • “Our current advisor is useless. We never hear from them unless they want something”. The issue here is that an advisor does ‘want’ things like signatures, provide updates etc. etc. etc. however their client feels | thinks | says that this is a burden on them (I don’t blame them). Solution: digital ecosystem and video messages, family office
  • “Every time we talk to them (accountants | lawyers) we get a bill”. Generally speaking, this is correct and hence, at best, there may be some engagement but normally there is none, because the client feels as though it is going to cost them to speak to you or listen to you. Solution: fixed fees, family office
  • “Why do we have to do the running around and chasing?”. The answer lies in the previous two points but the client doesn’t know that they don’t know. Solution: family office
  • “I wish we found out about family office decades ago”. Solution: On your favourite app, listen to show Family Office with Lance Meikle | Episode: AS A PATRIARCH, WHY A FAMILY OFFICE?


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