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Service at the highest level (Part 2)

Service at the highest level (Part 2)

21Jul

This is part two of our installment on client service. Read part one here.

So how does this apply to financial advisors?

You likely read the descriptions of each brand above and realized: “I’m giving all my clients the Marriott experience!” They’re all getting a medium level of service that is too much for your lowest clients and not nearly enough for your top shelf clients.

Service business naturally gravitate toward the middle, and if your services are designed for the mid-level customer, you will attract more of them. If you want to attract higher-level clients, you will need to offer a higher level of service, just like the Ritz-Carlton.

Your Practice
Let’s apply the concept of levels of service and clients to your practice. In most practices, a small number of clients produce the most profit, mid-level staple clients make up the bulk of your book (say, clients with $500,000+ in assets) and you have a number of lower-level clients under that.

What you are currently offering will work just fine for your mid-level clients, but you should find a way to either pass your lower-level clients on to another advisor or service them with maximum efficiency and
minimum effort (similar to how a Fairfield operates).

To really maximize your profit, though, you need to expand your upper-level, or Ritz, offerings.

Here is one example of how that works in practical terms for Drew Watson, a CAC advisor we work with.

Drew and his team stay in contact with their top-shelf clients weekly. Considering the amount of assets Drew is managing for these clients, the weekly contact helps the clients know they’re doing the right thing. They also have frequent scheduled meetings throughout the year.

On the investment side, Drew uses many individual securities and continually brings new and different ideas to the table. On the financial planning side, he goes way beyond the basics for these clients. For example, he will help their family members as well, including family planning for both children and parents of his current clients.

Drew and his team also host exclusive gatherings for his top-shelf clients, such as high-end wine and food events where a local chef and a wine expert will pair food and drink and discuss their process. He will also give them gifts throughout the year that are customized to their interests.

This is what service at the highest level looks like – offering the extras for a small number who are willing to upgrade and pay more for the value.

Staying at a Marriott is fine for most people, but for an exclusive group who want more, you can provide Ritz-level service that will benefit both your clients and your bottom line.

Dynamic Directions has more resources on how to attract and serve top-shelf clients, including sample Menus of Service and white papers on investments and financial planning.

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