Creating Consistent Client Service Experiences

In the wealth management industry, consistency is key. Your clients expect the same high-quality service every time they interact with your firm. However, without defined and standardized processes, consistency can be hard to achieve. The result? Different versions of service that lead to client dissatisfaction and lost business opportunities. You can only “wing it” for a short time before the “wheels on your client service bus start to veer off into a ditch.”

Here’s how to avoid the “mess” inconsistent service creates. But first, the facts of the problem.?

The Glaring Problem:

I’ve talked to far too many smart financial advisors, who’ve dropped the client service ball and are now FRANTIC because a 5 - 6 figure revenue client wants to fire them!?

It’s been months since the clients have had ANY review meetings and aren’t feeling “valued” by their advisor.

Can you relate? If you can’t, I know you know someone who can.??

This often happens when you haven't defined how you want your business to work, each client gets a different experience. You’re relying very heavily on your practitioner/owner knowledge, but haven’t taken time to establish a rinse-repeat business operations where instances like this don’t happen. Why? Because touch points are not in your process.??

It also happens when you don’t define the process and then communicate it to your team.?

Here’s what this "winging it" approach leads to:

Epic Client Service Fails:?

Broken or over-complicated workflows that no one uses cause inconsistencies and errors. Each team member might handle similar tasks differently, leading to varied client experiences and, often, dissatisfaction.

Lost Revenue:?

Without a clear understanding of what’s needed in the client journey, opportunities slip through the cracks. Potential clients can be left without follow-ups or necessary information, resulting in lost business.

Communication Breakdown:?

According to Gallup, 57% of employees report not being given clear directions, and 69% of managers are uncomfortable communicating with their employees. This lack of clarity and communication further exacerbates inconsistent service delivery.

The Importance of Standardized Service Processes

Standardized workflows ensure every client receives the same level of service, regardless of who they interact with in your firm. This leads to:

• Improved Client Satisfaction: Clients appreciate knowing what to expect. Consistent service builds trust and strengthens client relationships.
• Enhanced Efficiency: Defined processes reduce the time spent figuring out how to handle each task. Your team can work more efficiently and focus on delivering exceptional service.
• Increased Revenue: With a clear understanding of your client’s journey, you can ensure timely follow-ups and provide the right information at the right time, capturing more business opportunities.

Practical Steps to Create and Implement Standardized Workflows

Assess Current Processes:

Identify Variations: Look at how different team members handle the same tasks. Identify variations and areas where service delivery falls short.

Gather Feedback: Talk to your team about the challenges they face with current workflows and what improvements they suggest.

Define Standard Processes:

Map Out Workflows: Create clear, step-by-step workflows for all key tasks and client interactions. Ensure these are practical and easy to follow.

Set Quality Standards: Define what high-quality service looks like for your firm. Include these standards in your workflows.

Train Your Team:

Comprehensive Training: Provide thorough training on the new processes to ensure everyone understands and can follow them.

Ongoing Support: Offer continuous support and refresher training sessions to reinforce the importance of following standardized workflows.

Utilize Technology:

CRM Systems: Use CRM tools like Wealthbox, Redtail, Hubly, Zoho CRM or Salesforce to automate and standardize client interactions.

Project Management Tools: Implement tools like Trello, Asana, or Monday (dot) com to track progress and ensure tasks are completed consistently.

Monitor and Refine:

Regular Reviews: Continuously review your processes to ensure they remain effective and make adjustments as needed.

Collect Feedback: Encourage your team to provide feedback on the workflows and suggest improvements.

Consistent Service = Create Raving Fans

At Atlas Park Consulting, we understand the challenges of creating consistent client service experiences. By helping you define and standardize your service processes, you ensure that every client receives the same high-quality experience, every time. This not only improves client satisfaction but also enhances your firm’s efficiency and revenue potential. When clients are well served on a consistent basis, it sets them up to become raving fans and refer more new business to you.

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I offer 30-minute complimentary consults that focus on your current operations. Within that time frame, I will uncover at least 3 (and often more) areas of opportunity or deficiency, as well as the steps to address each.?

We’re “The Fractional COOs, you’ve always wanted, but never knew you needed until now.? Over the last 6 years, our superpowers have assisted 85+ advisory firms (and counting) generate ~$100K+ in new revenue and/or cost savings within the first year of working together.?

Book your spot here. Pick the option “30 Min Consults With Cameo!” https://go.oncehub.com/AtlasParkNetworking