9 Ways Back-to-School Chats Can Help Your Clients

Remember when you were in school? Summer ended on Labor Day weekend. You went back to school on the Tuesday following the holiday. 

Today, stores start their “Back to School” sales in July. You feel, “Can’t we enjoy summer just a little while longer?” The back-to-school sequence can be an opportunity to focus client attention on taking action.

When you become parents, summer is less one long vacation than needing to find activities for your children every day. Some might go off to summer camp, and that’s an added expense. In addition, the fall college tuition bill is usually due in August.

Clients are thinking about money. For them, vacation is over. It’s back to reality.

As a financial advisor, I felt that nearing Labor Day was a great time to roll your sleeves up and get back to work with your clients.

No more summer doldrums. The production year ends in December. We have numbers to hit. Let’s get to it.

Here are nine ways to put the back-to-school theme to work:

1. When is the college tuition bill due? 

How much has the cost changed since last year? Are the children receiving any scholarships or financial assistance?  You presume that clients have been setting money aside because this is a predictable expense. 

Discussion: Either your clients have prepared for this bill or they haven’t. If they haven’t prepared, do they have a home equity line of credit that can make money available until other sources, such as an annual bonus, come through?

2. What year are your children entering?

Parents are still amazed at how fast their children grow up. Clients’ children might attend the same high school as yours. Are they on teams? Have they started thinking about college?

Discussion: If your children attend the same school, you probably have a lot in common and see each other often. If the children are very young, you might be arranging playdates together. This gives you an opportunity to know your clients on a personal level.

3. Have there been any recent or upcoming births in the family?

It turns out that September is the most popular month for births in the United States, with August and July the second- and third-most popular months. They may tell you about family members who just had a child.

Discussion: You know all about college savings plans. Relatives will be presenting cash gifts. These accounts should be set up promptly.