Look for organizations with people you'd like to have as clients.

Networking vs. Community Involvement

I was speaking with a relatively new advisor the other day who was frustrated by his networking efforts.  He said, “I’m just not meeting anyone who can meet my firm’s minimums.” When I asked him what he was doing, he said he was primarily attending Young Professional events.  It didn’t take too many follow-up questions from me before he realized that spending time with that demographic wasn’t likely to yield many qualified prospects. The challenge is that to many advisors, “networking” means networking groups – groups that are specifically designed […]

Continue Reading 0
Crowd watching fireworks and celebrating

Celebrating Your Community

I trust that you had an excellent Independence Day celebration.  My family and I enjoyed a classical music concert and fireworks in World’s Fair Park in downtown Knoxville, TN. We met up with friends and naturally ran into many more. There’s nothing quite like a community celebration to bring everyone together. I recently read about Dunbar’s number.  The University of Oxford anthropologist and psychologist Robin Dunbar found that no matter where you look, the average person on earth has about 150 close acquaintances.  So that means that every person you […]

Continue Reading 0
Taking Care of Business Checklist Get it Done 3d Illustration

Getting It Done

Last week I shared the story of John and Betty who wanted to update their beneficiary designations following a meeting with their estate planning attorney.  Although they called their advisor Dave immediately after the appointment, the designations were never changed. You can learn more about their story in Wait, What? This week we’ll explore what could have been done differently if Dave’s practice were following three key steps. 1.  Clarify what completion looks look like. John and Betty did not ask for a beneficiary update form.  A form is simply […]

Continue Reading 0
Shrugging, Ignorance, Confusion.

Wait, What?

To go along with this month’s theme of client service, here is a story I shared several years ago. After John & Betty finished meeting with their estate planning attorney, they were relieved that there was so little they needed to do.  The attorney’s office had already prepared the necessary documents prior to their arrival.  After a few rounds of signatures, the only thing left was to update the beneficiary information on their IRAs. Little did they know that a seemingly simple task was about to cause them months of […]

Continue Reading 0

Simplify Your Client Segmentation & Recognition

Last week, we examined how to establish your client service standards, which we defined as the basic standards for service you commit to providing to all clients. These standards would typically include administrative and operational items, as well as client communication and educational opportunities that are delivered on a one-to-many basis. Beyond your basic client service standards, you probably want to recognize your best clients in ways that might be difficult or too expensive to provide to everyone. Client recognition items include cards and gifts for special occasions, as well […]

Continue Reading 0

How to Establish Client Service Standards

If someone were to ask about what you do to ensure great client service, how would you respond? No doubt you would be able to tick off a few things that you do regularly such as quickly returning phone calls & emails, sending a newsletter, and reaching out to make sure your clients know you haven’t forgotten them between progress review meetings. But how much better would it be if you had well-defined and clearly communicated standards for the service you provide? Let’s begin with some principles for defining great […]

Continue Reading 0
High angle view of businessman video conferencing with colleagues on digital tablet in office

How to Simplify Your Client Meeting Process

Like many planners and advisors, you may be eager to find a better way to simplify your client review meeting process. Are you still printing out reams of paper for their client review meetings? Prepared to provide performance information, these reports typically cover multiple accounts and often include each of the investment positions, along with fact sheets or other information. Do clients really need or want this amount of data? After all, they probably hired you for your knowledge and analytical skills so they wouldn’t have to do it themselves. […]

Continue Reading 0
personal financial planning crossword puzzle

How to Track Your Ongoing Advice

Whether you use our suggested agenda for ongoing review meetings or one that you have created, it is likely that some of your time at these meetings is spent reviewing various financial or wealth planning topics, such as retirement income planning, tax mitigation strategies, charitable giving plans, and beneficiary designation reviews. From a planning perspective and since your clients are likely paying for your advice on an ongoing basis, it makes sense to track these conversations so you can stay on top of any action items that you’ve agreed on, […]

Continue Reading 0
Agenda list icon vector illustration. Business concept with paper agenda document flat style. Agenda calendar, self-adhesive notes, color marker, article agenda.

Preparing for Review Meetings

Assuming that you have your clients sorted out and coded in your Client Relationship Management (CRM) system so you can meet with them at intervals appropriate for their situation, let’s take a look how to prepare for those meetings. The first item is your agenda. Your life is a lot easier when you have an agenda template that you can use for most, if not all, your client review meetings. Email it to them when your meeting is confirmed, suggesting that they take a few minutes to jot down anything […]

Continue Reading 0
41689841 - middle aged couple discussing something on the document to a female agent at the table.

Challenged by Review Meetings?

Some advisors schedule their clients’ next review meeting before they leave the office from the last one. Others can’t remember the last time they had a review meeting with some of their clients. Many know they should be better organized for review meetings but feel overwhelmed by the whole process. Our focus for the month of May is helping you better manage your review meeting process. The first step is getting organized, and the first question is, how frequently should review meetings be held? Many planners and advisers tie frequency […]

Continue Reading 0