I just love hearing stories about the Advocate Process (a process for new clients that instantly creates advocacy) and how someone has taken the risk to implement with intent and consistency.

I spoke to Charles this morning about his recent success using a consistent Advocate Process. Charles signed a new client with over $5 million in assets under management. This new client also referred two of her friends to Charles within weeks of becoming his client.

A couple of months ago, one of Charles’ top clients recommended that a family friend talk to Charles. Charles admits that he had gotten lax about following his Advocate Process, but he decided that this time, he would be rigorous in his implementation.

At the first meeting, Charles and Jane discussed the ways that Charles’ services could meet Jane’s financial planning needs. At the end of the meeting, Charles explained the importance of there being “a fit” between a financial advisor and his or her client. Then Charles told Jane that they both had sufficient information to think about whether or not there was a fit between them.

Jane was taken aback, and said as much. She said that she felt comfortable with Charles, and was ready to proceed. However, Charles stood firm, and asked her to think about their meeting over the weekend, and told her he would do the same. He promised to call her Monday morning at 10AM.

On Monday morning, Charles and Jane agreed to work together. Charles transferred her entire portfolio - over $5 million - to Charles’ management. In the few weeks that Charles has been her advisor, Jane has also recommended Charles’ services to two of her high net-worth friends. The effect of process has once again showed its value.

Charles says of this situation: “Everything came across exactly the way I wanted it to: my exclusivity, the paperwork, the signing process. I have been focusing on the right parts of my client relationships, and I have had a great year in terms of assets.”

posted by David Miller in conversation with a Financial Advisor, CA

This entry was posted on Monday, April 9th, 2007 at 8:13 am and is filed under General. You can follow any responses to this entry through the RSS 2.0 feed.