Your Client Service Matrix Pt II

In my experience, one of the hardest things for any financial advisor / team to do is to "give away" clients [no matter how small. "But, I've known her for years," they say. Or, "Yes, they only generate a few hundred dollars each year in gross revenue, but they don't take any time to service. It's like found money." Note: at this point they notice that their sales assistants are rolling their eyes because they are the ones spending hours servicing these small client. Hours they then do not have to service the large clients that pay the rent.

The thing to remember is that your practice/business has changed over the last decade. When you first started in the business you were like a new intern, fresh out of medical school. You took anyone as a client because you had to create your business and were not very sophisticated. Now here you are, a decade later, more like a brain surgeon. Over your career you have amassed a wealth of knowledge and experience to help your clients deal with their most sophisticated financial needs and problems. For this service you charge a significant fee -- just like the neurosurgeon. However, just like the surgeon, you can only really effectively help a limited number of clients. Neurosurgeons do NOT take patients with hang nail or acne or other minor medical problems. They send them to the pharmacist who gives them the level of service and support they need at the appropriate price.

There are two reasons the neurosurgeon doesn't see them; 1) he would have to charge them the same fee for his time as someone with a brain tumor, and 2) the time spent with them would mean someone who really needed him wouldn't get helped. You are no different! The reason you shift your lowest client households to someone else is because you owe it to them AND to those clients who have problems that need someone with your level of experience and expertise to solve [and who can afford to pay for it]. There is a third reason, of course. These clients expect Ritz Carlton service and are willing to pay for it. If they don't get it because you and/or your staff are too busy taking care of small clients, they will go somewhere else.

Remember, the only thing that really sets you apart from and above your competition is YOU and the consistent service you provide. Good luck. Thanks. kfg