It's All About Processes & Procedures

Meeting with a Prospective Client

In the very first meeting, the goal here is to determine if you can scratch the clients itch. Or to put it another way, can you provide the services the client is seeking? What process will you follow when meeting with a prospective client? What questions will you ask? How long will the meeting take? How will you alter it to suit different personalities? For example, if your prospect is an analytical, detailed individual, will you do anything different than you would if he were a bottom-line- just-give-me-the-facts kind of guy? I hope so. After all, one approach does not fit all as Henry Ford learned the hard way. Will you use any questionnaires? Again, the goal here – assuming you’d like to work with them, is to get them interested enough to either engage your services or at least agree to a follow up meeting.

New Client

What do you do when you gain a new client? Do you have a welcome letter? What about a letter to remind them when it’s time to review the portfolio? Do you send out birthday cards? Anniversary cards? Do you conduct any client surveys? After all, it’s a good idea to know what they’re thinking.

There are many facets to running a wealth management business. Sometimes, with all of the different tasks, it’s easy to feel overloaded. A well defined set of processes will help you through these times. In other words, if you have a good schematic in place, managing the business will be much easier.

As I travel this road, I am learning a lot. To be successful, you have to be more than a good advisor. You also have to be a good business manager.