I recently read with great interest an article published in the Harvard Business Review called “Stop Trying to Delight Your Customers”. The article addresses a recent research study of 75000 people conducted by the Customer Contact Council a division of the Corporate Executive Board which showed that a major contributor to client disloyalty across a […]
Traditionally many advisors segment their clients based on tangible factors such as the type of service they will provide to clients (eg executives, family business, life planning etc) and assets under management minimums. There is business sense in this as it focuses the business to some degree. However, segmenting your clients based on their DNA […]
The success of every professional services firm is driven by the need to deliver consistently superior client experiences that result in high levels of client satisfaction.
High levels of client satisfaction lead to more dynamic growth rates, greater revenue, profitability, and business valuation, higher employee retention rates and performance and a much more positive business environment.
Professional services firms have undergone a series of major transformations over the past twenty years. In the 1980s, these firms were sales organizations and employees were hired to maximize sales volume and values. For those of us who were involved in business in the 1980s, you will recall some of the approaches we were taught ? overcoming objections, closing the sale, getting the next appointment, accelerating the sales cycle, and how to sell anything to anybody. Most approaches were based on the sales person being pitted against the client and the goal was to close the sale.
Last week, there was a Financial Planning Association group discussion in which someone posed the question: Why do people resist creating a formal financial plan. This is a great question and gets to the core of financial planning. Many people do not know what financial planning is. I think many financial planners are still learning […]
For advisors, growing your financial planning business is about getting more of the right clients who you can profitably serve on a sustained basis. This means you must have financial planning clients who will pay for the value you provide and will allow you to do so efficiently and with minimum wasted energy. I am […]
Have you considered what is going to propel growth in your business in the coming months and years? Schwab conducted a research study in March 2009 which shows the greatest 3 enablers of growth are: 1. Closing the deal with prospects – 75% 2. Maintaining quality service – 73% 3. Adding new technology for scalability […]
The primary foundations of Financial DNA are “Know Thyself” and Know Thy Client”. However, what I have not spoken up much before about is “Know Thy Investments”. For both the advisor and the client this is absolutely critical to successful investing. Who at some point has been caught in an investment they did not fully […]
In the financial services industry there are a lot of supporters for the use of behavioral profiles as part of the client discovery process and there are some detractors from using them. Like in any situation where there are detractors most have not yet had a positive experience or seen the full benefits or simply […]
Hang on. Where is the market going to? Will the Dow be 5000 in the next few months by June 2009 or 22000 in 6 years? Who knows. They are interesting questions. I have placed my own personal wager on the markets reaching these levels in those time frames with some friends. I have often […]