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Understanding Purposeful Meaning In Your Client Service Matrix

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A service matrix is an established unique resource in the financial industry. It provides you with a comparative analysis of your service offerings and differentiates you from your competitors.

Creating a service matrix will help you identify the level of service your clients will receive when they work with your firm. By clearly defining and evaluating your services, you will have the ability to provide value to your clients and the level of service they desire. Build your service matrix to gain strategic insight into the unique needs of each of your client groups and continuously modify it as a part of your firms client engagement strategy.

A client service matrix serves several purposes:
• Encourages clients & prospects to use your firm for all of their financial planning needs
• Clarifies what service levels each client can expect
• Aligns advisor time and resources
• Provides a way to thank your most loyal clients

When creating or evaluating your client service matrix consider surveying your current clients to determine what services they would like. High net worth clients will be attracted to your firm as you provide more personal attention. Create a list of the services you currently provide and a separate list of the services that you would like to provide. Determine which clients will receive each of your services.

Two levers that you can control in your service matrix are service level and sales effort.
Service Level: determine the appropriate level of service to provide to the different levels in your client segmentation plan. (read our blog on Client Segmentation-insert link here)
Sales Effort: control the level of effort that you will put towards client retention, gaining referrals, adding new services and promoting new products by pursuing the right opportunities with aligned client segments. This will provide increased revenue for your firm.

In order to maximize on your services, focus on what you do best. Providing high-quality personal service to your clients and prospects is more important than providing many mediocre services.

As you create and evaluate your service matrix, assess each process in relation to attractiveness (is it what clients want?) and is it providing your client with value. Evaluate processes that can be eliminated and identify which processes align with your mission statement. Your services should have few competitive alternatives and your firm’s offerings should be very strong.

Your client service matrix will allow you to hone in on the unique needs of each of your clients. Understanding that each of your clients has unique needs will ensure efficient client service delivery.

“In business, words are words, explanations are explanations, promises are promises, but only performance is reality.” Harold Geneen

Ironstone can assist you in developing a client/prospect service matrix. 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.

Contact us for assistance in starting and improving your Service Matrix. We want to hear from you! Share your best ideas here! What services do you provide that are unique from your competitors? We always love hearing from you!

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Author: Andrea Schlapia

Over 20 years of experience in the financial industry and thousands of business professionals • Founder and CEO of Ironstone, • Certified Myers-Briggs Master Practitioner, performance culture and sales communication strategist • Certified Executive Coach through Coach U • Dynamic and entertaining keynote speaker at national conferences, breakout sessions and “lunch and learn” events • Motivating and real-world tactics delivered through value-added programs for Wirehouse, Independent and Banking channels • Accolades for the highest program evaluations and continuous return-speaking requests. • Dedicated to inspiring people to achieve bottom-line results for sustainable change: Andrea works with entrepreneurs and business professionals from various fields, striving to find and fill the gaps of each practice entrusted to Ironstone's care. Email Andrea with your practice management questions:

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