Posts Tagged 'Systems'

Client Review Meetings – Do you have a standard?

Client Review Meetings – Do you have a standard?

Based on my experience, very few professional advisors have a standardized client review presentation. This creates problems and results in lost opportunities.

Clients want to know:

  • Where was I? 
  • Where am I now? 
  • Where am I going?
  • Will I get to where I need to be on time?

Clients also want to feel comfortable that you are on top of their financial situation and that there is a plan.

Problems with not having a Client Review Meeting Standard:

  • Poor client retention because you cannot present or explain your value proposition (Over 65% of  professional advisor clients leave due to poor communication).
  • Poor results because you and the client might be going in different directions or have conflicting expectations.
  • Wasted time because you did the wrong or irrelevant work.
  • Inefficient prep time because you and your staff are constantly creating “one offs” in advance of client review meetings.

 Benefits with having a Client Review Meeting Standard:

  • Great client communication resulting in clients feeling confident that you understand their unique circumstances, needs and goals.
  • You can do great work because you are delivering the “right” work.
  • Your time is leveraged because your staff can develop and deliver most of the elements of the report in advance based on your standardized meeting review process.

What to do next?

Work to design output that meets these requirements… 

  • This might mean instituting a CRM system that tracks this stuff. 
  • This might mean redesigning your billing system.
  • This might mean working with your graphics person to create a cohesive and professional look to your presentations and reports.
  • This might mean training your staff to deliver what you want.
  • And it certainly might mean meeting with a few key clients to “test” the report!

Well, I think you get the idea.

Having a well designed client review “system” will communicate to clients that YOU AND YOUR STAFF REALLY HAVE YOUR ACT TOGETHER!

This will lead to keeping more clients, getting more referrals, better relationships with your clients other advisors (tax, legal, etc.) and, again, more referrals!

Guide – A standardized client review package is a big win for all involved.

Action Item – Start by meeting with your staff to design something new and then refine it as you go.  Something is very likely better than nothing!


© 2009 The Advisors Center, LLC – All Rights Reserved


Client Scheduling – Should you or they?

Under normal conditions, your best sources of revenue are your existing clients.  So my query for this week is:  how often should you schedule a meeting with clients AND who should initiate the contact?

Many advisors wait for the phone to ring because they are unorganized, afraid, too busy or just don’t care when the next client meeting is.  But a funny thing happens when you meet with a client: they actually need you to do something for them that involves you getting paid and them becoming more satisfied!

Imagine this –Every time you make contact with a client, it generates revenue.  Now for some, this will mean retention of existing revenue (you don’t want to lose this) and for others it will mean an engagement that generates new revenue.

Sooo… waiting for the phone to ring is costing you money.  You MUST have a system that brings your clients to you on a regular basis.  The system we know best is the one used by most dentists.  People do not generally like to visit their dentist and the dentist knows this.  Therefore, the staff is instructed and trained to book the next 6 month appointment before the patient even leaves the office.  How amazing is that!

Work within your firm to create a methodology that keeps you in front of your customers and clients on a VERY regular and systematic basis.  For you, it will preserve existing revenue and generate new income.  For your clients it will help provide the care they need and deserve.

Guide – You need to schedule appointments with your clients; do not wait for them to schedule with you.

Action Item – Develop a system for booking the next appointment with your clients – It will pay off!

© 2009 The Advisors Center, LLC  – All Rights Reserved

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