Have a problem? Make it a process

What do you do when you face a problem in your business? We all have them. For some advisors, it is an internal problem. For example, some advisors struggle with keeping up on managing workflow after the initial factfinding meeting. When does the dictation of case notes get done? Who gets the file next? When is the next follow-up meeting to discuss the analysis and recommendations with your team? Do any investment wholesalers or specialists need to be brought into the picture? 

Inevitably, may advisors I have coached over the years are terrible at case management. I have seen them time and time again running proposals and making shoddy recommendation pages at the last minute and rushing out the door to get to their presentation meeting with the client. Hint -- this is probably not a good strategy if you want to gain new clients and certainly not the careful planning and consideration the client deserves.

Because each client's situation is unique, it is difficult to have and implement a cookie-cutter approach to case management.  But, anytime there is a problem in your business, you can create a written process to manage the problem in the future. When creating written processes, make sure they are repeatable and universal, but it is also important to make them adaptable. A process that is too specific will result in the cookie-cutter approach mentioned above, so give yourself some room to customize the process for each particular client. 

In the case management scenario, I might recommend creating a documented process like the one below.

After the initial factfinding meeting with the client:

1. Immediately following the meeting, dictate clear case notes including
• The client's name
• Date seen
• First meeting, second meeting, presentation, etc
• Summarize the client's goals and objectives
• Any small details that are important to note (hobbies, interests, etc)
• Date of next meeting
• Staff responsibilities (input into CRM, who is responsible for creating the analysis, presentation pages, etc)
• Set date for internal review prior to next meeting with the client
2. Upon returning to the office
• Send the client a follow-up e-mail or letter summarizing their goals and objectives as well as setting an agenda for the next meeting or requesting additional documents not provided at initial meeting
• Connect with the client on social media, if appropriate
• Block off time in calendar for internal review meeting and time for advisor's responsibilities as it pertains to the client
• Distribute client file to appropriate staff members to begin case prep

What processes do you have in place for your practice? What processes don't you have in place that you need to implement? There can and should be a process for every step of the client experience, as well as processes to manage internal workflow. Having these processes are key to delivering a consistent experience for your clients and avoiding last-minute headaches for you and your staff.

So, whenever you have a problem, make it a process and it won't be a problem anymore.

Want more strategies and tips on how to maximize profitability and deliver a memorable experience for clients? Check out Game Changers: 7 Things Every Financial Advisor Needs to Know on Amazon or iTunes today.