A Key Element in Starting Your Own RIA Firm: Building Procedures

After you list each process you should rank them according to their importance to the firm and to the client. Some processes are clearly more important than others, and as such, should be addressed first. You might consider ranking them as: A, B, or C. Then, prioritize them as A1, A2, B1, B2, etc.

Step Three

Several processes will involve multiple steps. Clearly define each step with as much detail as is reasonable. In addition to this, you should estimate how long each step will take and who will be responsible.

Step Four

With the above information, create an implementation schedule according to the prioritized list.

Step Five

Using the schedule from step four, start at the beginning and go through the list until it is completed.

How a Process Works in the Real RIA World

Here’s an example of how having an organize prospect with clients can be helpful in starting and then building your own firm, especially when it comes to moving a prospective client to an engaged client.

• You have just set a meeting with a prospective client. Prior to the meeting, mail them a brief "survey type" questionnaire to complete and return.
• Then, soon after the meeting, if they have not yet made a final decision to engage you, send an -email thanking them for their time. The e-mail might include a couple of bulleted points listing the benefits they will receive if they hire you. The benefits should be specific to their situation.
• A week or so later, send another communiqué with some other topic of interest to them.

The point is to keep your name in front of them. You don't want to be pushy, but you do want them to know that you are organized and open for business.

Thanks for reading and have a great week!