6 Keys to Delivering the Ultimate Client Experience
“The sure way to miss success is to miss the opportunity.” — Victor Chasles
Providing superior client service is perhaps the greatest missed opportunity among financial advisors. Just stop for a moment and consider these statements:
- Your clients are the lifeblood of your business…
- When you build your clients’ loyalty and confidence; you will uncover significant opportunities for new business and high quality referrals…
- Providing your clients with superior service and advice means your work is more satisfying and drastically reduces your need to look for new clients…
- The more time you spend in client-facing activities, the more income you will generate for your practice and yourself…
To some, these phrases state the obvious. After all, top advisors leverage these concepts everyday; they work hard to spend as much time with their clients as possible. Unfortunately, most advisors spend less than half of their time in client-facing activities. What’s more, the majority of financial advisors lack a client communication plan — a simple calendar for scheduling and tracking basic contacts.
Sure, there are many seemingly reasonable excuses for this lack of client attention. From poor organizational skills to a shortage of time to lack of financial resources, the list appears endless. Yet, this one area of practice management separates many high achievement advisors from the rest.
To jump start your success, you need to focus on “Delivering the Ultimate Client Experience.” This concept includes 6 specific activities for streamlining and elevating your approach to client service. We want your clients to view you as an indispensable resource — a trusted advisor worthy of overseeing more assets and receiving increased referrals. Here is how you begin:
1. Determine your client segments — Unless you work exclusively with a highly scrutinized clientele, segmenting or re-segmenting your clients is an important first step to “Delivering the Ultimate Client Experience.” Not all clients want, need or deserve the same level of attention. Develop your service model to cater to the needs of your ideal clients and those who have the potential to be ideal clients.
2. Build a communication calendar — At a minimum, your top clients expect and deserve 24 touches each year. These contacts are at the heart of “Delivering the Ultimate Client Experience.” Your touches should include letters, emails, calls, meetings and special events. Some of these contacts need to be highly customized while others may be less personal. And though you may think you make 24 contacts to each of your best clients during the course of a typical year, you shouldn’t leave it to chance. Build your foundation for superior client service by designing a communication calendar which outlines year-ahead or at least quarterly touches.
3. Monitor the amount of time you spend with current and future clients — Advisors who spend more than 50% of their time in client-facing activities have happier clients and higher incomes than those who spend less. In “Delivering the Ultimate Client Experience” you should color code your calendar to monitor the amount of time you are dedicating and spending with clients and prospects. Most electronic calendars, like Outlook, give you this option. If you use a paper-based calendar, use different color pens or highlighters. This simple technique will help you budget your time going forward and measure your results as you look back.
4. Turn your clients into advocates — Advocacy is a process for turning your clients into promoters of your business. Advocacy leads to new business and asset opportunities as well as highly qualified referrals and references. When advocacy is communicated properly and frequently, your clients see it as a mutually beneficial and highly professional attribute of your business. To “Deliver the Ultimate Client Experience”, you need to make sure advocacy is part of your client service offerings. As the year gets underway, build advocacy discussions into your review meetings and continue with this dialogue throughout the year.
5. Define (or refine) your Client Management Process (CMP) – Your CMP is the primary strategy you utilize to manage and monitor the financial side of your client relationships. It could be comprehensive financial planning, asset allocation, estate preservation, retirement income planning or any of a number of other specialties. “Delivering the Ultimate Client Experience” requires your process be well-defined and delivered consistently. Though you may choose to offer or outsource related services, your professionalism and expertise are best evidenced by the way you implement your Client Management Process.
6. Offer “something special” from time to time — Although consistency is at the heart of all the client care initiatives mentioned so far, it never hurts to add in a few surprises. You could host a “thank you” event and invite your top clients. You could send a handpicked gift along with a personal note to a client on the anniversary of your first working together. Saying thank you and memorializing special relationships is an important element of “Delivering the Ultimate Client Experience.” Consider how you could offer “something special” to each of your top relationships during the year.
“Delivering the Ultimate Client Experience” should not be viewed as a laborious chore; it is an opportunity which will lead to your future success. Challenge yourself to implement the 6 activities outlined above and your business will thrive. Remember, your clients are your greatest asset, treat them well and the results will be more than you could possibly expect.
If you would like to learn more about “Delivering the Ultimate Client Experience”, sign up for our free 6 day e-course: http://www.encoreadvisor.com/public/197.cfm.