This month, we’re doing some work on planning to get a jump-start on 2009.
Our goals are twofold: to help you retain your top clients — who are receiving their shrunken December statements, as well as phone calls from other advisers going after disgruntled clients — and to help you outline your plan for what is likely to be a tough year.
The challenge: finding the time to call clients as well as plan ahead.
The solution: a systematized approach to spending two or three hours each day over the next five business days calling your best clients. Then use the remainder of your time to plan for 2009.
Step One:
Prioritize and pick up the phone.
Contact 10 to 12 top clients each day between set hours, such as 1 p.m. and 3 p.m.
By the end of the week, you will have contacted your top 50 to 60 clients.
The strategy is to keep the calls short (about 10 to 12 minutes each) and concise.
How do you keep the calls short? Let clients know that you are reaching out to your best clients to talk about their investments and December statements, acknowledging the difficult market and informing them of your own personal losses and planning for 2009.
Clients need a positive next step they can take at this time, and that can be adding more fixed-income investments, for example.
Remember that your self-employed clients and those who own a small business soon will be allocating money for their retirement plans. This is a good time to suggest investment ideas for those plans.
The goal of your call is to listen to their concerns, provide a market update and reassure them about staying the course. If needed, consider moving some money to different asset classes to help address their concerns.
Step Two:
Start your 2009 business planning. Review your 2008 recap covered
last week This will remind you of what you did and didn’t accomplish this past year.
Start your business planning for 2009 with a clear, simple vision statement of where you want to be 12 months from now.
Here are some examples: “I want to increase assets under management by 15%,” “I want to add 20 high-net-worth clients,” “I want to add a partner or acquire another small practice.”
The next step is writing down the actions steps necessary to achieve those goals.
Let’s take one of the goals above — adding 20 high-net-worth clients.
The actions needed to reach that goal may include explaining how to target two such additions each month, outlining a plan for networking among high-net-worth sources to attract clients, writing down and scheduling seminars or events to attract potential clients and perhaps increasing exposure in local media to gain greater visibility.
While doing your planning, it’s important to keep in mind a vision of what you want your practice to be and to become. Answering the following questions can help articulate your vision:
• Where do you want your practice to be in five years?
• What is the profile of your typical client? Are these the kind of clients you want to serve?
• With whom do you really want to work?
• Is the service you provide to baby boomers adequate, good or excellent?
• What does your typical workday look like now? What would you like it to look like?
• Do you have the right team members to help your practice grow?
Next Week: Identifying and integrating life goals
December: Planning now to jump-start 2009
Week One: Completing and reviewing 2008 tasks
Week Two: Outlining your goals for 2009 and beyond
Week Three: Identifying and integrating life goals
Week Four: Building your activities for January
