Increasing revenue at an advisory firm while reinforcing the value proposition is hard work.
Absent the former, the burden of new client acquisition intensifies. Neglect the latter in this environment of automated investment solutions and the firm may lose even its most tenured relationships.
Advisers need to find innovative ways to secure client relationships while enriching the client experience.
One approach is a recurring program that both encompasses and expands the traditional scope of scheduled investment reviews and tax projections. Our firm works additional areas of planning into client meetings by adhering to an agreed-upon schedule that includes our other services.
We tailor our schedule to the client’s objectives and needs.
The following is an example:
o January/February
▪ Cash flow / budgeting / financial independence (retirement ) / balance sheet review
o April/May
▪ Tax review positions / philanthropy, charitable giving / review benefits plans
o July/August
▪ Estate planning / wealth transfer initiatives / ownership, beneficiaries
o October/November
▪ Tax projections / reaffirm asset allocation / miscellaneous planning
o December
▪ Annual review / scorecard of financial objectives / next year's agenda
The topics vary, but the process doesn't. The objective is to create a pattern that keeps the firm's planning services in the forefront rather than as a one-off or crisis-driven event.
In a sense, our schedule moves us closer to the holy grail of wealth management, proactively. Creating client-centric schedules keeps us close to clients, reaffirms our value proposition and often generates additional billable planning opportunities.
This story is part of a 30-30 series on strategies to boost your practice.
