The objective of Ironstone’s Fundamental4™ –Operational Effectiveness and the New Client Workflow serve as the foundation of your unique process to solve problems, manage interaction, automate tasks, and provide consistency for positive and repeatable impact to the client experience.
In today’s highly competitive market, wealth advisors need an effective Client Workflow System that enables execution of business strategies consistently and cost-effectively. A workflow system consists of a series of written procedures with supporting checklists and templates that document and systemize every aspect of how a firm operates and delivers client service.
The absence of any workflow model in a firm is a primary culprit for office inefficiency.
Client workflow systems should create two primary objectives for your firm, improved efficiency and profitability. They provide the mechanisms needed for all team members to work together seamlessly providing a high level of client service.
Processes that you should include in your client workflow system are:
• Client relationship management
• Internal/external marketing
• Automation of processes between team members
• Generation of management reports
• Integration to back office systems
• Regularly scheduled communication among team members
Each of the processes within your client workflow system are inter-related. Workflow systems will benefit your firm by enabling you to continually provide excellent client service, concentrate on your areas of strength, build accountability for your practice, enable you to deliver more comprehensive services, assist in managing regulatory and compliance related issues, and add value to your firm for re-sale purposes.
Ironstone has found that two key factors are important when implementing a client workflow process; technology and strategy.
Technology:
From a technology perspective your client relationship management system (CRM) should meet some minimum requirements:
• Easy to use– Information is easily captured and shared, enhancing your ROI.
• Adaptable-Because advisory firms experience a magnitude of change in approaches, regulations and investment climate, you will want a CRM (Client Relationship Management) system to be able to support those changes.
• Workflow Engine-One of the most significant areas of productivity improvement is the use of workflow engines that are included with leading CRM solutions.
Strategy:
When developing your new client workflow center your strategy around two priorities, client retention and client acquisition.
Client Retention– Workflows aide in client retention for your firm by automating reviews, prompting client interaction, scheduling service reminders, and storing other important client information. With automated processes, you will feel comfortable that things aren’t falling-through-the-cracks and know that your firm is not missing opportunities.
Client Acquisition– Position your firm with the capability to be pro-active. When you can deliver targeted marketing and track results, you can transform a prospect into a client. Workflows will automatically trigger logical steps in acquiring a client to ensure that your marketing efforts are executed on a consistent basis.
A workflow system should always be a work in progress. Your practice will evolve and grow, and your firm will encounter regulation, compliance and industry change. Accordingly your workflow process should continue to evolve and be updated.
Ironstone can assist you in developing a comprehensive new client workflow. We specialize in identifying gaps in your existing plan and will collaborate with you to develop solutions that are parallel in achieving the results your desire. A great way to start is by building checklists. Download our “How To Create Checklists.” 4.24.12Checklists Checklists get repetitive activities and routines out of your brain, and let it rise above to focus on the hard stuff.
Contact us for assistance to develop, implement or review or new client workflow. We want to hear from you! Share your best ideas here!
Follow us as we explore each of Ironstone’s Fundamental 4™!
• Strategic Planning
• Business Development
• Operational Effectiveness
• The Human Element
You won’t want to miss our next in the series: The Human Element-Communication ~ “Knowledge is Power, But Fruitless if Poorly Communicated. “
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