Want to Make Your Service Truly Stand Out? Answer These Questions

Secondly, advisors need to clearly define their service model in writing. That means taking the time to put together a statement that describes the service you offer and how it differs from competitors. This may take the form of a written document you can share with clients and prospects, use in presentations or include on your website and in marketing materials. Articulating your service model will help set appropriate expectations with clients and create a standard for your staff.

What Makes for an Effective Service Model?

An effective service model can include the following elements:

• Client contact methods: Will there be a staff member available to answer the phone during business hours, or is it OK for clients to get a voicemail greeting when they call? How quickly will client phone calls and email messages be returned? Will you personally return all messages or will messages sometimes be returned by someone else in your firm?

• Meeting frequency, duration and format: Will you conduct client meetings on an annual, semi-annual or quarterly basis? How long should meetings last? Will meetings be held in person, or by phone or video conference? If in person, will they be conducted in your office, the client’s home, or another location?

• Between-meeting communications: What kind of communication will take place with clients between meetings and how will this be managed? How often are you reaching out to your clients — and would they prefer it to be more frequent? When in doubt, simply ask.

• Problem resolution: How will client problems be addressed? Who will handle the routine questions? Who will bear responsibility for making sure more complex issues are resolved in a timely manner?

• Value-adds: Consider regularly sending out emails about the latest news or trends that may affect your clients. They don’t have to be long — something as simple as including a timely article shows you stay up-to-date on what’s changing in the industry and care about making sure your clients do, too.

• Technology: Don’t forget about technology, which can help automate back-office tasks, making you more efficient in the process. More advanced technology platforms also feature modeling, trading, rebalancing, reporting and practice management capabilities.

Viewing Service Through Your Clients’ Eyes

Remember, though: Client service standards must be viewed through the lens of your clients, all of whom have different needs.

Consider separating your clients according to demographics and then set parameters based on their age and stage of life. For example, your parameters for meeting frequency and format would likely be different for younger and middle-aged clients with active families and busy careers than they would for older, retired clients with more time on their hands.

Not every advisor delivers on the claim of great service, but those that do have found a way to differentiate themselves. And, chances are, advisors that truly deliver great customer service have established an effective service model. Take the time to find out what constitutes great service for your clients — then develop a plan for delivering on it.

 Mike Lover, Vice President of Strategic Business Development at E-Trade Advisor Services, is responsible for managing relationships with RIAs and helping them to grow their business. In this role, Lover helps clients through practice management support, process improvement strategies and vendor introductions. Previously, Lover was VP of Process Improvement for Trust Company of America. Lover also held positions at Baxter Healthcare, TEG Global and LTS LLC. He received his bachelor’s degree at University of Toledo.