Maximize your referability factorArticle added by Bill Cates on May 9, 2011
Bill Cates

Bill Cates

Silver Spring , MD

Joined: October 13, 2006

My Company

Referral Coach

(continued)
Many of the most successful financial professionals I have interviewed have a very specific client service model. It drives their behavior as well as the behavior of their staff. Here are some important things to consider as you create your own model.

When it comes to serving your clients, do you follow a specific model that drives your behavior or are you winging it? And do you think your clients can tell the difference? You bet they can.

Yet, most financial professionals are winging it when it comes to how they stay in touch with the clients and how they provide on-going client service.

Many of the most successful financial professionals I have interviewed have a very specific client service model. It drives their behavior as well as the behavior of their staff. Here are some important things to consider as you create your own model.

Three types of client interaction

1. Transactional

You and your staff must have the systems in place and the standards set allowing you to deliver superior transactional service. Good systems will help keep you from making mistakes. Good standards will ensure proper response times. Great transactional service should be a given.

Every one of your clients expects this from you. It’s enough to keep many of your clients with you, but it won’t create true client loyalty or generate referrals. There has to be more to your relationships.

2. Value added

Here’s where you have a chance to start building loyalty and referability. You probably already know that if you don’t continue to add value to the relationship, then you are no longer necessary. For your A clients, you should think of 12 touches per year. The number of meetings you have will be determined by the complexity of their situation.

Many advisers are turning to a concept I call themed meetings. They create a value-centered theme for each meeting and most of their phone calls.

3. Business friendships

When I talk about business friendships, I don’t mean telling your clients your deepest darkest secrets. I mean getting to know your clients on a more personal level and letting them know you in that way.

It amazes me how many advisers think they have to keep a two arms-length distance from their clients. The truth is most of your clients would like you to be their business friend. For instance, one adviser I was talking to recently told me that he’s convinced the only part of his newsletter that his clients read is the section about his family and other personal interests.
There are many things you can do to establish and enhance your business friendships. Client appreciation events are a common and effective way. More personal events such as dinner, lunch, a round of golf or a trip to the theater are also very effective. Following your clients sports interests or the progress of their children are two great things to do. There is something magical that can happen in a business relationship when you break bread at a client’s house or yours.

Don’t miss these opportunities. In fact, structure them into your client service model. Make a list of all the things you can do to build value for your clients and all the things you can do to build business friendships. Now you’ll be ready to start your client service matrix.

Segment your client base

The ideal way to craft your client service model is to think in terms of a matrix. To do this, you must first segment your client list into A, B, C, and why clients. (Your why clients are the ones you’ve had for many years and you wonder why you keep them on the books.)

The concept of segmenting your book is certainly not a new one. But have you done it? Have you done it lately?

If you want to keep and attract more A clients, you need to be perfectly clear on who is an A client is for you. Clear intentions produce clear results. Vague intentions produce vague results. Are you crystal clear on who you want to attract into your business? Have you written it down? Does everyone on your staff or team know? Can you articulate it clearly and succinctly with your clients?

Now, take that list of all the things you can do to add value and build business friendships and create a matrix. Your A clients get everything. They get the first class, wow treatment. Your B clients get a subset of that list, and your C clients get a little less.

Too much to do right now?

Does the thought of this matrix seem a bit daunting? Maybe you have a lot of clients. Okay, at least do this for your A clients. To keep your clients loyal and to stimulate more referrals, work from a client-service model.

Get your A clients to see and feel the difference in how you are attending to them. Stop winging it when it comes to client service. Have a plan and follow your plan.
Pages: 12
The views expressed here are those of the author and not necessarily those of ProducersWEB.
Reprinting or reposting this article without prior consent of Producersweb.com is strictly prohibited.
If you have questions, please visit our terms and conditions
Post Article