With the new year comes a surge of resolutions, many of which won't be kept. I recently read that 88% of all resolutions are broken. Why? No matter how well-intentioned, they fail because there is no continuing plan with specific action steps to follow.
In 2010, INPractice will provide monthly practice-management strategies and weekly action steps that can be taken to implement them. The goal is to make them easy to execute and to share success stories from other financial advisers on how the strategies have affected their practices and produced success.
Spice up your practice in 2010
Let's kick off the series with strategies to spice up a practice and rejuvenate your team and clients. The strategies will range from improving the appearance of your office to writing communications that reinforce the reasons clients should stay with your firm. First, give your office a makeover.
The Challenge
Don't underestimate the importance of making a positive first impression the moment clients walk in the front door — from wall colors and furniture to being greeted in the first 30 seconds.
In 2009, many advisers found it necessary to cut back on administration and overhead expenses. There still may not be money in the budget for a complete office makeover, but don't let that stop you. Prioritize what needs to be changed and what you can do right away.
The Opportunity
Think outside the box and consider that the changes you make to an office are a way to protect your brand. One word of caution: Don't go overboard. In a challenging market, clients may not want to see a huge investment being made on an adviser's office while their portfolios are down. Keep the office warm, inviting and professional.
The Outcome
1. Drive the client experience. Be the client and drive into the parking lot, enter the front door and walk into your office. Is it welcoming? Is the parking convenient? How is your firm's name displayed? Are the hallways dirty? Now more than ever, commercial buildings are willing to make changes for clients, especially if they are not too costly.
One Chicago adviser asked the building management to fill in the parking lot potholes, add four reserved parking spaces for visitors by the front door and paint the hallways. The furniture in the building lobby was shabby, so it was removed until it could be replaced. The result is, the adviser now conducts most client meetings at his office, parking is right by the front door (a very important benefit with Chicago's cold winters), and he is more productive and profitable.
2. Keep the office neat and organized. We visited a number of advisers' offices over the holiday break, and the majority were scattered with stacks of brochures and marketing materials that had been sent to them. Walk into your office, and what do you see? Cleanup costs nothing except time, and in just a few hours, an office can be organized to give a positive first impression to clients and prospects. Advisers work hard to build a business, and this is critical in protecting the brand.
3. Make it all about your clients, not you. Advisers often put too many of their most prized possessions around the office. While a few family pictures, framed education degrees and certifications are important, don't make the office all about you; make it about your clients and the community.
One California advisory team frames clients' and staff members' achievements in the reception area. The accomplishments show clients completing the Avon Walk for Breast Cancer, running marathons and making a difference in the community. Also, letters are posted from local charities and softball teams thanking the firm for its sponsorship. The clients love it, and new prospects feel connected to the advisers and practice immediately.
Take a minute to read the Nov. 29 InvestmentNews article “How office décor can color the bottom line.” Several advisers talk about changes they made to improve their office space.
4. Update the office cost-effectively. With tighter budgets, advisers are finding it hard to justify a complete makeover, so focus on the areas clients see and in which they spend time. Some office furniture companies have incredible deals on new and used furniture. Again, a fresh coat of paint with accent walls and professional, matching furniture might be all it takes. Ask your landlord or building manager to paint the office — don't wait for them to offer.
One top financial planning team realized it had become accustomed to its cluttered office with mismatched furniture. It found a clearance sale at an office furniture dealer, and for around $2,000, it purchased a barely used receptionist's desk and chair, two chairs and a table for a client waiting area, and a table with six chairs for its client conference room. Building management couldn't schedule a paint job for months, so in one weekend, the team painted the reception area and conference room. The team organized files and closed the doors on open file cabinets for confidentiality, added plants, brought in several pictures and started a client success board where it posted news clippings. The result has been amazing, and almost every client has commented on the change. They really appreciate the story of how the firm did it all on a tight budget.
These best practices can be done in one weekend and are a great way to refresh your office and give clients a new perspective about your firm for 2010.
Next week, we'll run down a top 10 checklist on client communications to improve your practice.
