If you find yourself frustrated by not being able to meet the demands of your clients, your firm, your team and your family, it is a sign that you have gotten caught up in the Managing vs Growing dilemma in your business.
When you start out in business, you have more time to cultivate new relationships and service existing ones. However, there comes a tipping point where it feels difficult to keep up with existing business, let alone have the time to grow and service new ones.
This is a telltale sign that your business needs to shift. We are typically so busy reacting to our business that we miss the signs – or worse, no one ever informed us of these critical cues that indicate we need a change. Often, the necessary shift can be scary. Changing anything that led to your success feels threatening. But it is exactly what your business needs in order to evolve to the next level. This leads us to tolerating what is, fighting what needs to change because the familiar is safer than change.
Our forte is helping business owners and financial advisors make the necessary shifts in their business to allow it the space and capacity to grow and thrive.
One of the changes I help clients implement is a revised client service model. If you have 300+ client relationships, you can no longer service them the way you did when you had 150 relationships and you can no longer service them all the same way (sorry to be the deliverer of bad news). Be careful not to get stuck in the notion that you have to serve each client equally. Imagine you were on an airplane – heading cross country only to find out that the fare you paid for your ticket was the same as the person next to you or the same as those flying and receiving first class service. You see, in a ‘one size fits all’ client model, it is usually your best clients that receive subpar service. This HAS to change, especially if your goal is to get more clients like your best clients (which it should be).
One opportunity to increase your capacity is to deploy a new, revised client service model.
Step 1: Segment Your Book
You need to segment your book into 3-4 groups (no more and no less). You can start with segmenting based on the revenue each client generates – then follow it up with the level of enjoyment you get from other relationships that may not make the cut simply based on assets.
Step 2: Determine Service Tiers
Start with a Communication Plan. For example, if I have Platinum, Gold, Silver and Bronze clients or A, B, C, D clients, I would create four communication tiers. The communication plan has to be shared with the entire time so that everyone is on board, particularly for the frontline service professionals that answer the phones.
Your Service Tiers need to include Frequency and Timeliness of communication.
The following should be included in the model:
Returned Calls (how quickly)
Frequency of Reviews
Delivery mode of Review (In person vs. Over the phone)
Servicing of accounts (who is primarily responsible – how is the need of the request determined and fulfilled)
How quickly they are scheduled for a requested meeting
Who receives invitations to special events or gifts
… anything else that your team uses to service clients – should be considered to be tiered.
Step 3: Get the Team On Board
Once you have a breakdown of the Client segments and the Servicing Tiers, be sure your CRM system and your staff can quickly determine which level each client is and that they are very clear as to the Servicing Tiers. It requires full buy-in from the team to create the level of capacity that you will tangibly feel.
Warning: There will be an initial level of discomfort deploying servicing tiers – your brain needs time to adjust to the fact that your clients are not even aware that there are actual service tiers. It is important that expectations be clearly communicated to clients as to when they can expect a return phone call or their next meeting. Communicating expectations is half the battle.
You don’t expect your Doctor to pick up the phone when you call. You probably don’t even expect that she will call you back immediately. If the staff communicates when a return call can be expected, and from whom (often times from the nurse), you accept this as normal. They have other patients they are seeing and responding to, and so do you.
Communicating Expectations is the key to mitigating disappointment. We often help our clients and their staff to effectively communicate expectations – it makes a world of a difference.
If this feels overwhelming to create, reach out to us so we can help you! Personal Assessment
