Who Sets the Standard?

If it were entirely up to me, I’m not sure that I would go to the dentist very often.

Let’s face it – it’s not much fun to lie there and let someone poke around inside your mouth with metal tools.

That said, I visit my dentist every six months.  Why?  Because he established a standard that a visit every six months helps identify easily preventable or treatable problems that I probably wouldn’t notice on my own.

Since I have confidence in his knowledge and experience, I follow his recommendations.  As a result, I haven’t had a cavity in years!

Lately, I’ve spoken with a number of financial advisors and financial planners who are considering how frequently to meet with clients.

Each advisor has shared a similar comment, “My clients tell me that they are happy with how things are going and don’t see why we need to meet.”

Needless to say, it’s not surprising that clients are happy during an extended bull market.

And if every meeting is the same cursory discussion of performance, it shouldn’t be a shock that clients question the point of meeting.

This is why crafting clear standards of care and sharing them with your clients establishes a framework for them to understand the purpose and value of each and every interaction.

For example, you can create a list of wealth planning topics and systematically track your progress as you plan and take action around each of those topics over time with each client.

Or you can dedicate entire meeting to educating your clients on specific wealth planning strategies.

You can also plan to review their estate or beneficiary documents every three years.

Ultimately, your clients are looking to you as the expert.  Therefore, invest the time to create the standards for your practice and share them with them.

Need some help?

My friend and colleague Sarah Dale and I just launched Well-Served, the newest course at PathfinderOnDemand which provides everything you need to know to craft and implement your standards of care.

Learn more and sign up today at https://pathfinderondemand.com/p/standards-of-care.

Sign Up Today!

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