If you work just for money, you’ll never make it, but if you love what you’re doing and you always put the customer first, success will be yours. — Ray Kroc
There are two ways to grow advisory practices:
Business growth can be limited by a lack of organization and structure in financial advisory practices such that there is little if any time for new client acquisition.
Separate yourself from the pack by serving your existing client base AND acquiring new clients with an efficient and effective structure and organization.
How do you have time for both servicing your existing client base and acquiring new clients, their assets, and fulfilling their other financial needs? Consider the following...
Data clearly shows that clients that are merely satisfied are not satisfied enough to ensure loyalty no less advocacy.
To succeed with client retention and growth, clients and centers of influence must be completely satisfied.
It is primarily those who are completely satisfied with you and your exceptional service that will be pleased to advocate for you and be a potential source of introductions.
Being completely satisfied requires the development and implementation of the “Six Core Client Facing Processes”:
Improve client loyalty and retention, deepen client relationships, grow assets and introductions, and reduce costs with a structured and organized client loyalty process!
Client loyalty and the supporting processes represent a summary of the many deliverables you provide as an advisor. The sum of those deliverables are intended to be presented formally to your clients as your “promise” to them of your services, i.e., your “Client Service Promise.” These promises/deliverables include perhaps 50, 60, 70 or more elements you provide to develop relationships, loyalty and advocacy as well as differentiating you as a financial advisor.
The “promise” or deliverables are outlined in the areas of:
Deliverables vary by client tier based on the client’s value and importance to the business. It is critical that clients fully understand your deliverables and accept them as of value to them.
There is a progression of service expectations or a growth of service expectations over time.
It’s never enough because that which pleased, even delighted, a client yesterday becomes a basic expectation today. Client’s requirements, wants, and needs change over time. In essence, “delighting” the client and solidifying his or her loyalty takes more and more effort over time. What may have been a unique service 5 or 10 years ago over time can become a “normal” expectation and then become “expected.” Therefore, to delight and retain the loyal client takes more and more effort and continually growing levels of service over time.
See my paper, “If Your Client-Service Model Ain’t Broke… Fix It Anyway!” https://www.coachdavidleo.com/articles/if-your-client-service-model-aint-broke-fix-it-anyway.
David I. Leo, The Client Loyalty Process Snippet 4
David Leo is Founder of Street Smart Research Group LLC. He is an author, speaker, coach, consultant, and trainer to financial professionals. David is an experienced business manager who works solely with Financial Advisors, Planners and firms who want to organize, structure & grow their businesses by attracting, servicing, and retaining affluent clients.
If you have questions or would like assistance in personalizing and implementing approaches from The Financial Advisor’s Success Manual, schedule a free 45 Minute Strategy Session at https://calendly.com/davidileo or contact me at David@CoachDavidLeo.com or visit my website at www.CoachDavidLeo.com
My book is available at Amazon at https://www.amazon.com/Financial-Advisors-Success-Manual-Structure/dp/0814439136