Serving a wide range of clients can be difficult. You’ve got clients who have been with you for twenty years, while others have been with you for twenty days. Your clients have differing situations, and they likely have differing opinions on how you relate with them.
You’re required to provide fiduciary responsibility to everyone, of course, but the concierge needs of a HNWI client may far exceed the needs of an accumulation-phase investor who’s just starting out with your company and is years from retirement.
Best practices suggest that to provide the best service to clients, you can consider segmenting your client list into tiers. Segmenting clients can help you compete against robo-advisor offerings for new accumulation-phase investors, while retaining your more mature clients with larger assets.
Serving multiple styles of clients with defined service offerings sounds great. The catch to all this? It can become difficult to know on a whim who’s who, and what you need to do for each individual. The larger your firm, the truer this becomes.
If you’ve been considering offering levels of service to clients but you’re not sure how to make it work, I’ve got good news for you today. Record Match Initiators might be the answer you’ve been looking for.
Benefits of Client Tiers
Before we get to Record Match Initiators setup, let’s talk about reasons you might want to set up client tiers.
The benefits to your client relationships are front and center. Tiers can help you set better expectations for what to provide clients so they know exactly how to interact with you. If you’ve ever worked with a client who thought they should receive more time or attention than you realized, you’ve experienced this. Frustration for both of you can be reduced, especially with new clients.
Your team can operate with a clear set of parameters for what needs to be done to make sure you’re meeting expectations for client service. With the new fiduciary rules still moving forward, it’s more important than ever to clearly communicate how you’re working in a client’s best interest, and the delineated structure of tiers can help you do this.
And the last benefit? You might be able to take on more clients, including more clients in the asset accumulation phase. If you had to service all of your clients the same regardless of their investing stage or level of assets, you could quickly miss out on clients you’d like to work with over the long-term, or resign yourself to too small a sub-set of client to fit the time and energy you have to give for full service.
How to Set Up Record Match Initiators
Okay, so now that we’ve established some clear reasoning for why client tiers might be a fit for your business, let’s see how to set up Record Match Initiators to help you manage your new business lines.
First up, you’ll need to set up a field on the client record to relate those clients to whatever service tiers you create. For our example, let’s use A Tier and C Tier.
We could tell you how to do this, of course, but this video will make things much easier to follow. Press play and in less than two minutes, you’ll have every step you need.
Once you’ve set clients in the correct tiers, you can then go about making sure processes for A Tier clients kick off more often than for clients in C Tier, as one example. The matching criteria you’ve set up on the client record will control this variable.
Now you might be wondering, what kinds of processes can I set up to differentiate one tier from another? If you’re short on ideas, here’s a quick list:
- Client outreach tasks like a phone call, check-in email, and more – You can use your Record Match Initiators to help you manage how often to proactively reach out to a client.
- Holiday gifts – Perhaps a HNWI client gets a fruit basket, while a C tier client in the accumulation phase gets a nice hand-written holiday card.
- Quarterly Lunch and Learns – You can set up different Lunch and Learns per client tier, or host everyone in a larger setting to help communicate your message and important investing ideals to everyone all at once.
- Annual weekend retreat with top clients – If you’re going to have an A tier, you should probably make them feel a little special sometimes. Setting up an annual weekend retreat with your top clients can be a great way to foster tighter, longer-lasting relationships.
Record Match Initiators can help you provide unique service for every client by giving you the automated tools you need to intelligently dole out tasks to your team by client type. You’ll be able to serve clients to their expectations better and do it without your team missing a beat.
If you’d like more guidance on how to use Record Match Initiators and how ProcessComposer can help you provide better client service, contact us today for a personal demo.