One of the pressures on advisory firms is changing consumer preferences. Advisors who want to call themselves a quarterback or a coordinator when they describe their services are talking in clichés and abstractions; clients will eventually begin to hear and think, “Oh, you get paid for doing nothing.” Dig deep and spend some time figuring out what you really do, and how that creates a satisfying client experience.
Here are some steps to help you get better aligned so you are building the business you want and attracting the clients who will respond to your real strengths.
1. Talk to some trusted clients. This is important and courageous. Ask a couple of trusted clients how they feel about your services, what they like and, most important, what they think could be improved.
You may not want to do everything they say, but their comments are worth considering. You should implement enough of their suggestions to prove that you were really listening to them and value their advice.
2. Talk with your team. Is everyone on the same page regarding the service offering to clients? What suggestions would team members make to enhance the client experience? How would they change or improve the operating environment?
Team members are often a great source for quick, easy improvements to a business; plus, this action has the added benefit of empowering staff members.