If sales is the lifeblood of any business, then “trust” is the heart. One way advisory firms develop trust is by demonstrating a commitment to the client by making them feel important and understood. Granted, other factors contribute to building trust, such as character and competence, but people generally appreciate clear and consistent communications. However, as your firm grows and gains complexity, there is the potential for more people to engage with clients and their accounts. To mitigate any communication inconsistency, it’s important to define, document and implement standardized processes to ensure a constant client experience—regardless of the staff member involved.
How to get started? First, identify the most common recurring processes within your organization. Then, you can start thinking about how those processes work with your business-critical systems, such as billing or CRM. Don’t try to standardize a complex process with 30 steps just yet. Start simple. For example, think about how you currently prepare for a new client meeting:
- How do you gather data before the meeting?
- How do you gather data during the meeting?
- What do you do after the meeting?
Once you have the steps outlined, look for opportunities to save time by combining or removing steps:
- Can you shorten the process while maintaining or improving the outcome(s)?
- After refining the process, get a colleague’s feedback. Does it make sense to him/her?
- Could they follow your process and develop a consistent outcome? If so, you now have your first defined process!
Next, you’ll want to document the process, store it in a shared location and distribute to the applicable parties. Many advisors define, document and implement standardized processes for how they use technology like a CRM system. Today’s CRM programs are much more than just a database of personal contact information. Most firms are using a CRM to keep track of details such as investment policy statements, centers of influence (i.e., lawyers, CPAs, etc.) and other compliance-related documentation.
While keeping track of data points is essential, the ideal CRM system should give users the ability to design and work through “checklists” to guide (and automate) their daily tasks. Both Salentica® Elements and Salentica CRM give advisors the ability to use routine workflows. In the case of Salentica Elements, users get 15 pre-built workflows with the option to tweak existing processes or create new ones on Day One. Default workflows include standard processes for updating custodial accounts, onboarding new clients, and performing portfolio compliance audits. Fully integrated with the Black Diamond® Wealth Platform, Salentica Elements makes it easy for financial advisors to leverage the power of both tools while strengthening their relationships with their clients.
To learn more about how Salentica solutions can help support your business, visit www.salentica.com.