Clients’ expectations are evolving. They’re looking for white-glove service and support from an advisor that can cater to both their needs and wants. As a single advisor, it can be hard to do it all and meet the ever-growing needs of clients. Shifting your focus from the product to the relationship is easy to do when you have a multi-disciplinary team.
Your team has the power and capability to build a closer client-centric relationship while also elevating your business value. It’s important to have three core components in place when creating the foundation for your team:
Services are the offerings of your business to clients and the internal services of your team. Think about it this way: you need the internal services from team members to complement your revenue-generating services to clients. You can also see who you can partner with externally to provide the best possible service to your top clients.
Client-facing services will range depending on their financial needs and stage of life. A few examples are:
How equipped are you to be the one-stop-shop for clients? Are you proactively connecting with the other professionals they seek advice from to deliver an exceptional and seamless experience?
Your team can provide internal services to help with the flow and overall management of your practice. For example:
Consider the gaps in your service and who you need to hire to not only manage but continue to grow your business.
Imagine a sports team that has consistently amazing offense. In fact, the entire team only has offensive skill sets. When it comes to gametime, it’s easy to envision how lacking defensive skills would be a big weakness. A good head coach will equip their team with offensive and defensive, starting line and back-up players; all key ingredients to an amazing roster.
Your own team should have multiple and diverse skills. It’s easy to want to work only with people just like you, but you won’t build a winning team if everyone has the same strengths.
Consider your own skills as an advisor when you look to hire other advisors and team members and try to complement them. The following are examples of diverse skill sets:
Structures are the processes you have in place to deliver on your services and skills. Think of structures as something constant in your business:
There are three necessary components to having successful and cohesive internal practices: team structure, meeting structure, and standardized processes.
The way you organize the hierarchy of your team can have a big impact on the way in which everyone works together and quality output.
Your team will collaborate best when there are defined meeting agendas planned regularly throughout the year.
Having clear documentation of systems and processes will ensure clarity, consistency and continuity across all team positions.