Practice Management TrendsettersFebruary 15, 2016

How to create an ideal client meeting process that increases revenue 


The key to practice management is process, process, process. Top financial advisors have more comprehensive processes that ultimately drives results and an ideal client experience. Creating a meeting process that drives results for the client and revenue for the advisor takes time and energy. If I were a client of yours, do you have a process to put my goals on the table at the progress update meeting and discuss where I am today and changes needed to help reach my goals? You can say to your clients” This is part of our goals based progress update meetings that we have with our ideal clients, so we clearly understand where you are going and why”.  Do you have a clear agenda for the meeting? 

Steps to your clearly define your progress update process

Besides getting together a financial summary, what steps are involved in preparing for an ideal client update meeting?

I have put together a list of questions that you could put on an agenda, and eventually expand your process.

  1. Determine your ideal clients through a segmentation exercise –Ideal client name
  2. Determine how many meetings you will have per year- number of meetings
  3. Determine how many touches you will have for ideal clients for the year and communicate your process- ongoing communications
  4. Determine the names of the meetings, for example if I have two meetings a year , I would call each meeting a different name such as goals update meeting, risk management / insurance / estate meeting or tax and goals update meeting or lifestyle update meeting- names of meetings
  5. Determine how you will document and update their financial goals and plans- planning advice
  6. Determine how you will update and keep track of all clients goals and values- goals process
  7. Determine how often you will call ideal clients in between meetings-ideal client touches per year
  8. Determine an agenda for the meeting - agenda
  9. Determine if you will collect feedback ( critical) at each meeting and how-feedback
  10. Determine how you will discuss costs or fees – fee ready and trust
  11. Determine who will trach the meetings and how in your CRM system- CRM processes
  12. Determine how you will discuss your ongoing improvements to your value proposition each year ( if you want to charge more you will have to deliver more each year) – Value Proposition
  13. Determine when you will do a practice meeting before the meeting to master the client experience- practice
  14. Determine how you will record the meetings – record and document and paperwork
  15. Determine what technology you will use in the meeting- enhanced client experience
  16. Determine what else you would add to this list – improvements

Keep this list handy

As you can see we combined several key practice management drivers of success into one client meeting. Having the ideal client experience is not just dependent on relationship. It is a process, which takes time to build, articulate and practice. If you want to improve your processes, which I am sure you do, keep and use this list as a guide for your financial advisory practice. Our goal is simple, to help one million people get a quality financial plan and advice through a financial advisor. How many ideal people are you helping this year?

 Advisor Practice Management’s goal is 

“ Helping Financial Advisors take action, to create 100 quality financial plans for their clients”. My mission if you choose to accept it is “ To help advisors to create 1 million quality financial plans for people”.  Ask your clients and prospects this question " What does a quality financial plan mean to you ? Let me know if I can help you grow your practice. 

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?

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