What A Recent Visit to the ER Taught Me

Posted on 06. Apr, 2016 by in Business-building, Finance, Marketing, Sales

I must admit, sometimes I can be a bit clumsy.  Unfortunately, while on a recent trip up north, I broke some glass and it landed on my foot.  Needless to say, I was left with a  gaping wound and some stitches.

While in the ER at a local hospital, the nurse practitioner who was looking after me told me about an eye-opening experience with her financial advisor.  I felt compelled to share it.  Here’s her story:

The nurse practitioner, who is a big advocate of saving and investing for the future, started investing at the early age of 20.  At the advice of a very close family member, it was highly recommended that she work with a financial advisor and “invest consistently but forget that you have it.”  Well, fortunately or unfortunately, she took this advice literally.  

Over the course of 10 years, she was consistently contributing monthly and receiving account statements, however, she did not see or hear from her financial advisor.  That’s right, no phone calls, no annual review meetings or any other form of personal contact.  It didn’t seem out of the ordinary for her as she believed that her investments “didn’t really exist or shouldn’t be touched”.  Eventually, she was approached by  a competitor advisor who was surprised by the lack of communication that she was receiving from her existing advisor.  This prompted the nurse practitioner to get in contact with her advisor.  When she finally reached his office, she learned that he had died 5 years ago!

Here are 3 important lessons from this experience:

  1. Weak client relationships will lead to attrition:
  • Make no mistake, your competition will always steal your unhappy clients.  For this nurse practitioner, making the switch to the financial advisor who approached her was an easy decision.
  •  Her new advisor communicates with her frequently, does quarterly reviews and spends time with her to ensure she understands the complexities of her finances (particularly in the medical profession).
  •  Needless to say, she is very happy with her new advisor and consistently sends him referrals. (Note:  she was so passionate while retelling her story to me that I became a bit nervous about how easily distracted she was becoming from suturing my foot!)

2.  Succession planning is a must:

  • It’s obvious that the advisor who passed away did not have a succession plan in place.  Unfortunately, not many advisors do.   This is certainly a hot topic in the financial services industry and one that has serious implications.
  •  Advisors who have a plan in place know that their exit from the business will be a smooth one for both their clients and their firms.  The benefits can be very rewarding for all parties involved.

3.  Nurse Practitioners as an ideal target audience:

  • Did you know that nurse practitioners start off as registered nurses, then train for another two years, after which they can perform a range of services, such as writing prescriptions (with some exceptions), administering physicals, ordering tests, providing referrals to specialists and replacing certain procedures that would normally be handled by ER doctors?
  • There is an increasing demand for nurse practitioners in Canada. They are highly educated, typically good savers and earn between $85,000-$100,000/year (and don’t incur any medical overhead expenses).
  • If you currently work with health care professionals or would like to eventually have them as your ideal target audience, you should definitely consider adding nurse practitioners to your list.




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