Your Client Service Matrix Pt I

Now that you've analyzed your clientele, you're in a good position to determine the amount and type of service you wish to provide to each level of client. As you answered each of the questions needed to analyze your clientele you should have developed a sense of where each household fits within your business model. If not, go back and assign points to each of the most important questions on the list, i.e.,

1. What is the size of the assets I manage for this household -- total for all of the accounts? [Give one point if they are median size or larger and 2 points if they are significantly larger.]
   
2. What percentage of this household's total investable assets do I manage? [Give 1 point for 50% and 2 points if over 80 percent.]
   
3. What is the realistic potential for increasing that percentage? [Give 1 point if the potential is over 70 percent.]
   
4. Realistically, for this client household, what is the likelyhood that they will significantly increase their assets with me in the future? [Give 1 point if over 70 percent.]
   
5. How much time does this client household require to serve? [Both your time AND your staff's.] [If this household is median or below, deduct 1 point if it is the same as that required for a top client and 2 points if it is higher. Add 1 point if it is significantly less.]
6. What kind of referrals has this household provided in the past? [Give 1 point if they actually give good referrals. No points for referral potential.]

Do this for each client household. Next, add up their scores and divide your households into five segments based upon their total scores. Seriously examine the revenues generated by the lowest two segments when compared to the time and effort they require of you and your staff [time and effort you are not spending either prospecting or taking care of your top clients]. Remember, the quality and consistency of your service is your most important that sets you apart from your competition for your clients. Now, migrate those bottom clients to another advisor -- perhaps someone new who needs to build up their assets -- or to your firm's service center for small accounts. In the end you'll be doing them a favor. Thanks, kfg