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Accelerating Advisor Success – Blog Post #10

December 21, 2018 by Keenan Kneisl

Your firm can enhance the client experience by focusing on client-facing advisor processes. Leading financial institutions have been creating a set of best practice processes covering key advisor/client interactions.

Our recommendation is to focus on the following areas:

Generate Leads Gain Commitment Onboard
Clients
Manage
Clients
Service
Clients
Manage the Business
Client
Referrals
Initial
Contact
Plan Creation/
Revision Mtg
Progress
Meetings
Initial
Contact
Initial
Contact
Center of
Influence
Referrals
Fact Finding
Discovery
Meeting
Plan
Implementation
Meeting
Periodic
Contact
Information
Change
Marketing

Each area has a set of key activities, all of which should have a documented process, supported by tools and templates. For example, in the Gain Commitment area, the key activities include the initial contact, the fact-finding meeting, and the presentation meeting.

The process should be clearly defined and documented for each key activity, including steps to prepare, conduct and follow up on the activity.  When defining processes, we recommend using a four-level hierarchy as demonstrated (using financial planning as an example) in the chart below.

Levels Example
1 High-level
processes
Creating a financial plan for a client

·   Establishing and defining the relationship

·   Gathering data

·   Analyzing the data

·   Developing and presenting the plan

·   Implementing the plan

·   Monitoring the plan

2 Sub-processes Gathering data

·  Preparing the information and forms

·  Establishing risk parameters

·  Setting goals

·  Asking questions to clarify the information

3 Tasks and 
activities
Preparing the information and forms

·  Open file

·  Select form ###

·  Complete the form

·  Print form

4 Step-by-step
instructions
Complete the form

·  Line 6 – select account funding preference

·  Line 7 – select money market preference

You can see in this example how a clearly documented process that breaks things down into easily executed steps makes progress easy to monitor and evaluate.  From there, effective coaching and resource allocation become possible.

Once processes are clearly defined, it is important to help advisors embed them into their CRM system.  Most CRM systems make it relatively easy to embed a workflow once it is defined well.

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