Providing a High Level of Client Service
I have read some excellent books and listened to a number of experts on the subject of how financial advisors can differentiate themselves. The points usually stressed have to do with everything from advertising, how to dress professionally, how your office should be decorated, to branding, and even how to position yourself as an expert by writing a book. I would like to suggest that the best way to differentiate yourself in our business is by providing a high level of service to your clients; and it costs us nothing to do it.
Here are some things that my staff and I do to provide a higher level of service to our clients, to differentiate ourselves, and in this day of significant regulation, keep our clients loyal and happy. They might sound simple to the point of being trite, but they make a big difference:
If a client calls and leaves a message (because I am not available) I return the phone call immediately. We never fail to return a client's phone call by the end of the day. Usually, we return the call within an hour. If we cannot reach the client by the end of the business day,we will continue to try and return the phone call up until 8 p.m. The so-simple habit of calling clients back promptly is a practice that impresses clients and shows them you are on the ball and that they are important.
My staff knows that if a client calls and wants to take a withdrawal (needs money); we do not do the typical thing, and mail the form to the client, requiring the client to fill out the form and mail it back. We immediately send a staff member out to the client's home to get their signature, and then we either fax the form (if allowed by the company) or we overnight it. If we did not provide this expedient service, the client (as we all have experienced) would be waiting at least two weeks for their check.
Being on time is a simple but critical practice to providing a high level of service. Showing up late for an appointment might seem like a little thing, but believe me, to a high percentage of people, it is huge. Being late does three things: It irritates the client, it disrespects the client, and it tells the client that you are unreliable. I recently had to tell a wholesaler (with an investment company that we do a significant amount of business with) that I would no longer deal with him because he was always late to our meetings. I simply refuse to give my business or my loyalty to anyone who does not show up on time or fails to do what they said they would do. Again, if you cannot keep the small promises, you probably will not keep the big promises.
In our firm we do all sorts of things that tell the client that we appreciate their business everything from sending a beautiful flower arrangement to new clients, to sending flower arrangements to clients who are sick or have lost a loved one, to hand-written thank you notes (versus thanking them via e-mail). But, I can assure you that doing ""the little things well"" is the highest form of client service. And it pays off big time!
Resources
Round the Table articles:
First Meeting
A great way to pre-close at the end of a first meeting is to use the Catch, Backdoor, Serious, Stick, Commitment process. A script might look something like this:
Thank you again for providing me with so much information, which, of course, will be treated in the strictest of confidence. What I am going to propose is that I prepare ahead of our next meeting some possible solutions based on the objectives we have identified and the budget you would like to work with at this stage. But I expect you are wondering what the CATCH is? (In the mind of your prospect there is always a catch, so to say there isnt one will create suspicion.) Well, there is a catch. (The prospect is now relieved to know there is, as they suspected, a catch.) The catch is that if what I present to you at our next meeting makes sense, we will have to work together for many years to come; would that be OK? (Youll always get a yes because the prospect is now thinking, well, if thats the only catch, then thats fine...)
Now for BACKDOOR or the escape route. However, if you dont like my recommendations, then I will thank you for your time, and that will be the end of the matter. Is that OK?
This will eliminate any anxiety in the mind of your prospect because its a fair proposition.
But let me ask you an important question, Mr./Ms. Prospect. How SERIOUS are you about protecting your family in the event of your death (or whatever the objective is)? The only answer you are looking for is very serious because unless your prospect is very serious, you will not get their commitment. Once you get to very serious, then ask, If I can offer you a solution that addresses your stated objectives, is the plan something you will STICK with? If the answer is yes, next you can say, Great, I will make a COMMITMENT to have prepared something for us to discuss by (agree next meeting date). I just want to check that if everything makes sense and by addressing the shortfalls we have identified, I will get your commitment in return?
Excellent, then Ill see you on ...
MDRT has much more information on first meetings. Read more online:
Resources
Round the Table article:
Annual Meeting Proceedings:
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