With investor skepticism, market volatility and financial planners trying to differentiate themselves from competition, many advisors have plunged forward into creating client advisory boards.
What better way to find out what clients and prospects need from you than by asking your best clients. Not only will you have the capability to position yourself to provide solutions to the most sought after needs of clients, the likelihood of client retention will increase as well.
It is easy to stray away from developing a client advisory board because of the work involved. The payoff will out-weigh the work by helping you understand new expectations of the investor:
- Communication frequency
- New investment strategies
- New product development
- Education requirements
- Expectations of investment managers
Engaging with a client advisory board will also prepare you and your firm for new changes and expectations that will continue to develop.
We outlined eight steps to creating your advisory board in our blog, Create A Powerful Asset With An Advisory Board, https://aeschlapia.wordpress.com/2012/05/03/create-a-powerful-asset-with-an-advisory-board/. These steps are your starting point in creating a group of mentors to provide advice, objective feedback and ideas to elevate the level of service you provide for your clients.
Populated by the right mix of clients, your client advisory board will help you stay connected, build trust and create a competitive advantage over other firms.
Client advisory boards will also improve internal operations by:
- Gaining new perspectives and ideas
- Improve operating procedures; staff meetings, client workflows and team productivity
- Improving marketing, business development and long-term plans
- Increase personal and business networks resulting in possible referrals for your firm
- Increasing the value of your firm
Ironstone will evaluate your existing CAB plan and strategize with you to gain optimal benefits. If you haven’t implemented a client advocate program, we will collaborate with you to develop a first-class plan. 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.
The most pathetic person in the world is the one who has sight but has no vision- Helen Keller
We are curious!! Does your firm have an advisory board? How has your CAB enhanced your firm and clients Let us know!
Follow us as we explore each of Ironstone’s Fundamental 4™!
- Strategic Planning
- Business Development
- Operational Effectiveness
- The Human Element
Coming up next, learn about Operational Effectiveness and New Client Workflow
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