Practice Management TrendsettersOctober 26, 2015

Tackling capacity and CRM2 in 2016


The number one practice management problem for financial advisors is lack of capacity to serve clients.  This comes from the Book “Practice Made More Perfect”, Mark C. Tibergien & Rebecca Pomering Bloomberg Press 2011. But the problem is only going to get worse in 2016. When I ask advisors in workshops across the country “When your clients see the fees for advice for the first time, will they want or expect more service?” Most advisors answer, “Yes they will want or expect more”. Then I ask, “How much more will your clients want or expect from you and your team?”  If you have 200 clients and they will all need some time to explain the fees, discuss your value and deliver more service, how will you tackle this problem?  For example, you have two hundred clients and you expect that they will all need at least one or two more hours to deliver  more comprehensive value proposition and more service, then where is the 200-400 extra hours going to come from in 2016? Do you plan to work more hours next year? Do you want to tell your spouse and family to cancel holidays next year? If you are at capacity now, where will 200-400 hours come from? How will you deliver more and meet expectations, articulate and deliver your value? Problem, yes, big challenge, yes, ignored by most, yes. Until it becomes a problem, we tend to ignore things because we are too busy today to tackle the problem. It creeps up on us and hits us on a Wednesday afternoon, when an ideal client comes in and wants an updated comprehensive approach to their finances by the end of the week. It comes when a progress update meeting results in loads of paperwork that has to be completed and you are running out to your kid’s hockey game.

Is this a potential problem in your business?

The only way to find out is to discuss your fees, and value delivered to your existing clients by building and maintaining a formal feedback process. Without feedback we cannot know what the client expectations are, especially if we have not discussed fees in dollar terms before and what you deliver for the fees. Finding out that you are meeting and exceeding client expectations in the new world of CRM2 regulation will give you comfort knowing the only capacity issue you will have is how many new ideal clients you can manage next year. If you are meeting and exceeding expectations, Canadians will beat a path to your door. 

How will you manage your capacity?

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 practiced 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.

 It starts with stronger 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.

Free Webinar invite for Financial Advisors with Bill Bachrach  You’re invited!                                                                            

I’m holding a special training webinar with fee ready expert Bill Bachrach - Tuesday, Oct 27, 2015 12:00 PM - 1:00 PM Mountain Time zone

Where Bill will walk you through “ The 7 critical conversations”.

Register here right now:

 Or check out our video to learn more….

During this informative, what-to-do webinar presented by Bill Bachrach, you will learn specific, action-able skills that will help you acquire and retain Ideal Clients.

Advisor Practice Management’s goal in all of our initiatives is to elevate standards of practice for financial advisors and their teams. Remember, any marketing initiative should include communication with your compliance team.

Let’s work on your business. Start by emailing us. Why not? 

Enthusiastically yours,

Grant Hicks, CIM, National Director Practice Management
Advisor Practice Management

909-17th Ave SW, 4th Floor
Calgary, Alberta  T2T 0A4
Tel  587 390 3148
Cell 403 970 8895

PS Where do you want to be in 3 years?

STATEMENT OF CONFIDENTIALITY The information contained in this email message and any attachments may be confidential and and is intended for the use of the addressee(s) only. If you are not an intended recipient, please: (1) notify me immediately by replying to this message; (2) do not use, disseminate, distribute or reproduce any part of the message or any attachment; and (3) destroy all copies of this message and any attachments.