So you've done an estate plan for a client, you've created a will, a healthcare proxy, a power of attorney or even a revocable or irrevocable living trust. And all is well. The client is happy, you've completed your work and you move on to your next client. Inevitably, a month or two down the road you get a call from that happy client with a "quick question." That's where it all starts to go downhill.
The client asks the quick question, which, after you clarify, does not have a simple answer. Usually, your solution sounds something like, "Well, I would have to look to see what your trust says, and you may have to modify it," or, "Well that's simple, all you have to do is ABC, 123." The trick is, do you charge your client for the answer to this "quick question?" Most lawyers don't, and if you do, you might run into a different expectation with your client, who thought it was “included." If you're not careful, it can be a no-win situation.
So what do you do? The best solution I have found is to engage my clients in a maintenance program. At Lawyers with Purpose, we have our TLC™ Maintenance and Fee Guarantee Program, which allows clients to pay a small annual fee and have access to us year round for their "quick questions." In fact, we even notify them when there are changes in the law and invite them in no less than once a year in group sessions to discuss the changes and allow them to opt to modify their planning to accommodate the new laws.
Along the way during the year, clients can call with any questions that come up, as can their financial advisors and tax advisors. While many lawyers view this as burdensome and time-consuming, consider the opposite – that it turns your transactional relationship with your clients into meaningful long-term relationships, making it likely that they will refer more clients. In addition, when we are taking calls from clients' financial and tax professionals, it's actually a wonderful marketing opportunity. They come to know of our unique asset protection planning strategies and get comfortable with us. They can see how we work, and that encourages them to work with us.
In the 15 years I have had my maintenance program, I can assure you that it has been a great experience for not only our clients, but for us. We actually have two social gatherings a year – one in the summer and one during the holidays – and they are well-attended. Clients ask if they can bring friends and/or family and encourage them to do planning with us so they can join our maintenance client community. We also have quarterly specialty workshops in which we invite outside experts to talk on topics requested by our clients, and each session is recorded and put on the special maintenance member-only section of our website. Our clients feel special, and our maintenance family has grown to almost six hundred families.
The best part of the maintenance program is that it's actually profitable. We charge $595 per year for this all-access benefit. When you multiply it out by hundreds of families, it's quite profitable, as all of the work is done generally in group sessions. In addition, it keeps you connected with your clients and ensures that their plan actually works because, as their life changes, you are able to modify the plans to accommodate them.
The one area you need to guard against with a maintenance program is overtaxing your staff with maintenance work in any given week. Doing so can really crash your short-term cash flow, but you always have access to the maintenance monies that traditionally come in during January and sit in your bank account as a "savings" to finance any new projects or growth you want during the year, or to subsidize the cost in a month where there is excessive maintenance work needed.
So, you're getting calls from clients anyway, why not do it in an organized fashion and turn it into a relationship-building experience for your clients and their financial and tax professionals. Let Lawyers with Purpose show you how. Join me on Friday, December 18th at 2 EST for a FREE webinar on "The Most Profitable Planning You'll Ever Find: For Year End & Year Begin" just in time to kick off 2016 with fierce momentum. Click here to register now and kick start 2016. If you're an LWP Member – you've already got access to these tools – just reach out to your implementation coach or members services on where you can find it on the members website.
David J. Zumpano, Esq, CPA, Co-founder Lawyers With Purpose, Founder and Senior Partner of Estate Planning Law Center
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