The hidden reason why clients will leave you next year

Top advisors manage their capacity by taking more time off. They have the systems and processes in place with their staff to service clients and manage expectations. They have the processes to deliver comprehensive services and do regular feedback to meet and exceed expectations. They are great at delegating and building processes such as client checklists, service checklists and follow up checklists to meet and exceed expectations and have a way of articulating their value that clients understand. They have practised it, over and over and use it consistently to service their ideal clients. They focus their time and energy on the things that bring value to their ideal clients and delegate the rest. Then they take more time off. Remember, Wayne Gretzky did not sharpen his own skates.

Segment annually to manage your capacity

Top advisors also know that they cannot service ideal and non-ideal clients the same. They know how to segment their ideal clients based on revenue delivered to the firm. Most advisors segment on assets or relationships, which is helpful, but the true indicator of segmentation is revenue delivered in the first year and ongoing revenue. Without these numbers, segmenting clients is like doing a puzzle without the picture on the box.

It starts with stronger conversations

A big part of the value advisors deliver is the conversations of value they have with their clients. Conversations to help clients understand their “why” and focuses on people’s values. As Roy E. Disney, quoted “when your values are clear your decisions are easy.” So how can you discover your core values?
Then focus on goals. In a recent workshop with financial advisors, I discussed their personal goals and got them to write down the number of goals they have. The average number of personal goals was about 7. Then I asked those advisors, how many goals do you typically get from an ideal client? The answer was less than seven, and the average was three.
Robo-advisors have difficulty with conversations. With stronger conversations, you will thrive in the new world of regulatory change, digital advisors, and confidently grow your business regardless of any disruption that comes your way. Have the critical conversations about your fees, your value, and your services. Put it into your value promise document and show your ideal clients what they get and what it costs, with clarity, transparency and empathy. This is what practice management can do for your business.

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