Feature

posted 1 Sep 1996 in Volume 1 Issue 6

Marketing to the Elderly

The elderly now represent an increasingly important sector of the population and with the number of pensioners set to increase by 20% over the next 20 years Ken Hart provides a timely reminder of some well proven marketing techniques that work particularly well with elderly clients.

Most solicitors are looking for ways to actively increase fee income. A natural concern is one of wanting to maintain a high quality service while at the same time seeking out new opportunities. All the while, major institutions are continually chipping away at traditional sources of income without any constraints at all, as they seek to become a "One Stop" shop for their "Customers". Wills, Trusts, conveyancing, investment advice are all seen as easy prey for these organisations.

Solicitors have many unique opportunities to market themselves. I have been working with a number of firms in helping to identify such opportunities both in the Commercial and Private Client sector.

This article is looking only at opportunities which exist within the elderly client group. I believe an elderly client benefits in three ways when they visit a solicitor:-

(1) They will receive impartial advice

(2) They will see the same person to advise them year after year

(3) They can depend on their best interest being served

Over the last 18 months I have noticed a marked increase in those at or near retirement age wanting to ensure their affairs are in order. This is due in the main to the high profile of the Community Care Act and its implications, particularly as it relates to the elderly.

Marketing to the elderly is most successful when it is done within or as part of a Client Care Statement. We are all well aware that gaining new clients is vital to continued success. Equally important is the ability to target the right group(s) of people, while staying inside a budget in terms of both money and time.

The opportunities which exist for a pro-active solicitor as a result of the Community Care Act are immense. These opportunities are enhanced still further when carried out in association with other interested parties.

If a joint venture is decided upon it is vital to ensure that those you choose to work with are credible and operate to the same quality standard as your own practice.

At the same time costs have to be worked out in advance with a clear understanding of who is responsible for what.

Many solicitors are benefiting from having a close working relationship with a quality Independent Financial Adviser.

Having decided on whether or not you are going to work alone or with another party the next step is to decide:-

(1) How will you concentrate your marketing efforts

(2) Who will you concentrate your efforts on

(3) When and where will you implement your plan

Networking with Existing Relationships

In the first instance you can approach existing corporate clients. For example one practice I am working with are solicitors to a large local employer. This employer has a significant number of retirees. The employer is quite happy to recommend the services of a solicitor to the pensioners. It does not cost the employer anything and yet the pensioners perceive it as a benefit being provided.

The elderly client is eager to learn about the Community Care Act and other related matters. If they receive a letter from their old employer offering the name and address of a solicitor who they can visit and discuss their affairs it will be well received.

Many employers have a retirement fellowship. The Civil Service Retirement Fellowship (CSRF) is particularly active in many parts of the country. I attended a series of CSRF meetings with a firm of solicitors where much interest was created and many new clients gained.

Many present were people wanting to carry out IHT planning. In addition there were other areas of need including, Wills, Trusts, Enduring Powers of Attorney etc.

It is also worth asking your corporate clients if they run pre-retirement seminars for their employees approaching retirement. For those who do, offer to provide your services in speaking with those who are retiring. A high number in this group are in need of the services of a solicitor and this brings in new clients who themselves have elderly parents who are also potential new clients. Most people over age 60 are concerned to some extent about funding their own nursing home costs.

Another opportunity is where a client is a local Doctor's practice. In one area the surgery were looking at ways of providing additional support to their patients over age 65. The prospect of being able to include a solicitor as part of their panel of experts was appealing to all concerned. Firstly, to the surgery as they were seen as providing an added benefit to their patients. Secondly to the patients as they had access to a solicitor who they knew had an understanding of the elderly and thirdly, to the solicitors practice because they were receiving good quality referrals.

Seminars

Groups such as PROBUS, Age Concern, U3A, The Widows Association and WI are always looking for speakers on relevant subjects. Offering to speak at these gatherings can prove very beneficial and an excellent source of potential new clients. I have successfully been involved in a number of initiatives and I shall outline just a few and how they became successful.

In August I shared the platform with a solicitor at an Age Concern meeting. They normally have forty or so attend the average meeting. We had over one hundred and forty people attend to listen to us speak about the legislation surrounding the Community Care Act and to outline some solutions.

The normal procedure is to provide an opportunity for any one wanting further advice to visit an office at the same venue the following week. I have found the take up of such an offer is always excellent. The solicitor concerned generated many new quality clients. Again, by working in association with a firm of Independent Financial Advisers the success is further increased by being able to provide a comprehensive service covering all the needs of a client.

In addition, it is always a good idea to distribute a script of what is said and a card inviting those who attended to request further information about areas of particular interest.

Existing Clients

Equally, your own existing client bank is a natural source of income. One of the early ventures I did with a firm of solicitors was to arrange a seminar in respect of Long Term Care and the Community Care Act for their own clients. We had over 120 clients attend an evening session in a local Hotel. The cost was minimal, and in excess of 20 new files were opened up as a direct result of that one initiative.

One of the secrets of success is to have a panel of speakers. An Accountant and an Independent Financial Adviser and possibly someone else who has a professional interest. An important factor to remember is to be low key and provide information and not to SELL your services. We have a well proven script that is used very successfully.

Nursing and Residential Homes

It is well worth meeting up with local Nursing and Residential Homes. More and more of those involved in running homes are being asked for help and information by residents and their families. There is a whole host of needs which exist and frequently these needs go unattended to. I was recently invited to visit a lady in a nursing home who was having to sell her own home to sort out and plan her finances. I was able to put her in touch with a local solicitor who was able to help her in a number of areas. There are many others in a similar situation.

Summary

For any initiative to be successful it needs to be well planned and thought through. The last thing an elderly client needs is some heavy weight sales pitch. What they do need is assurance that as a vulnerable group of people they can speak with confidence to a professional who understands their needs and can help them plan their affairs accordingly.

An MP I met recently had carried out a survey in their constituency, and equal with law and order was concern about the Community Care Act. This serves to highlight the great need which exists amongst the elderly.

The firms with whom I am working are seeing a positive increase in business through being pro-active in offering advice to the elderly client.

There are, of course, other areas of opportunity which have not been considered. I believe a solicitor is in a unique position as most groups are going to welcome input from a solicitor, particularly if they are seen as the Elderly Client Adviser.

This article is for professional use only and not to be shown to clients.

If you would like further information or advice on marketing to elderly clients Ken Hart can be contacted at:

Clifton Consulting Ltd, 94 Whiteladies Road, Clifton, Bristol BS98 2QX.

Clifton Consulting Ltd is a member of Countrywide Independent Advisers Ltd which is regulated by the Personal Investment Authority.