When is the best time to do a client review? As you may have noticed I’ve been writing less frequently than I have in the past. I have a new role and it has me travelling more extensively as I begin setting up key partnerships and meeting new clients. One of the first things I try to do with my new partners and clients is better understand their challenges and markets better.
Today I’ll share several ideas on how to develop a client review process to manage your practice more effectively. I know many of you do client reviews on an annual basis. I’m going to go out on a limb and say that may not be frequent enough to get maximum benefit out of your client review meetings.
Many advisors I work with have several hundred clients or more in their client base. If you reviewed your clients even once a year you would never have time to do anything else. I understand this, and that is why you need to formalize your client review process.
The first step in your client review process should be prioritizing your clients. Many advisors do not have a client development process that incorporates a priority ranking of their clients. For early stage advisors, they are happy to have a wide selection of clients. For experienced advisors, they may never have time to find better clients for their practice.
As you begin building your client review process start to notice patterns in the people you have as clients. What common qualities do they share? How did you find them? Are they your ideal clients? How do you feel when you get together with them?
The second step of your client review process is determining which clients are your best clients. Client segmentation according your success criteria is critical to long term success in your practice.
Have you ever considered what makes a great client for your services? How does this match up with your current client portfolio? Successful advisors know what they do best and what they enjoy doing most. Do you?
Successful advisors are aware of what has worked for them in the past and how it helps them build towards a brighter future. With so many potential clients available for your services, are you investing in clients that you will get the best ROI?
Put this another way: Are you passionate about the value you create for clients today and in the future? Are you enthusiastic about meeting with your clients? If not, you might be working with the wrong people in your practice.
The third step is reviewing your best clients first. What qualities do they have in common? I’ve found that most advisors’ best clients are the ones who are open to new ideas and strategies on a regular basis. When was the last time you presented your best clients with a new idea or concept? Do your clients expect this level of service?
Your best clients help you become a better advisor. They challenge you to keep on growing and evolving! How do you feel after you meet with your best clients? When you do a review with them, do you feel energetic or tired? Successful advisors bring a positive energy to their meetings with clients, no matter what may be happening in the world at large.
Fourth step in the client review process is to decide what results you would like to see coming out of your review meeting. A good review meeting should provide you and your clients several positive benefits.
For the client, they should know that you value their business. They should have a better understanding of what’s going on and action steps they should be taking next. In uncertain times, they must feel they have an advisor who is providing them the leadership and emotional intelligence they need to reach their goals and objectives.
I would suggest what you should get out of the meeting is an opportunity to position yourself as an advisor who has their best interests at heart. That you are constantly looking for ideas that can provide them a more prosperous life. That working together helps bring their dreams into reality.
I also see the client review as an opportunity to remind clients why they chose you to help manage their financial future. It may feel like clients are always asking for more. I believe many want to reconnect with why they trust you. People who are always asking for lower fees generally feel like they aren’t getting enough value for their money.
So how do you set up your client review session to ensure better relationships with your clients? Next week I’ll share a client review process that helps you and your clients achieve their goals.
See you next week.