Wilke and Associates, Inc.
Week 1: Identifying a ‘platinum’ level of service
Week 2: Delivering ‘platinum’ service
Week 3: Creating service levels for second- and third-tier clients
Week 4: Communicating your service levels to clients
The challenge: If your wealthiest clients account for the bulk of your revenue and deserve most of your attention, how do you best structure your practice and your work flow to provide clients with the service they need?
Last week: We suggested that you ask your best clients to tell you the top three services they would like you to provide.
This week: Delivering a “platinum” level of service
This project should take about three or four hours. Look at the list of “platinum” service levels you created last week after asking your top clients for input. If you don’t find a pattern among your clients or enough of them don’t reply, here are five service elements that we have found to be consistent favorites among the advisers we know:
1. Meeting with clients’ attorneys to make sure wills and trusts are in order.
2. An annual insurance review to check coverage and beneficiaries (perfect for a mid-summer review — and don’t forget to send a copy to the estate executor).
3. News about investing from top money managers.
4. Providing a quarterly or semi-annual newsletter or update alternating market/ investment news and lifestyle interests.
5. Providing client input through a
client advisory board.
Sample of the XYZ Practice’s platinum service worksheet
Quarterly in-person financial review (40 clients x two hours each = 80 hours allocated each quarter)
January Annual meeting with client’s accountant
April/May Tax-time update, lending and insurance review
July Insurance/beneficiary audit and update
October Year-end investment review
Five-time yearly client communications in the form of e-mail newsletters — once you automate, the set-up will require about five hours.
January Send quarterly e-mail with tips from
Tennis Magazine.
April/May Investment update supplied by product companies.
July Gardening tips from the
Helpful Gardener website.
September Investment update supplied by product companies.
November/December A quarterly nutrition update from
Start Making Choices. Client Advisory Board (about 15 hours per quarter). An opportunity to invite your best clients to share their knowledge with you.
Quarterly Lifestyle Events. (about 15-20 hours per quarter) See events outlined in
June to give you an event calendar for the entire year.
Once you complete these steps, you are on your way to delivering platinum-level service to your best customers.
Next week: Creating service levels for the rest of your clients.
Maureen Wilke, founder of Wilke Associates Inc in Glen Ellyn, Ill., has helped thousands of advisers increase the value of their businesses.
Read our weekly online columns:
MONDAY:
IN Practice by Maureen Wilke
TUESDAY:
Tax INsight
WEDNESDAY:
OpINion Online by Evan Cooper
THURSDAY:
IN Retirement
FRIDAY:
Tech Bits by Davis. D. Janowski
