Erin Tamberella CEO
www.executivetransformations.com
erin@executivetransformations.com
850-432-6715
3 Easy Steps to a Superior Client Service Model
Written by: Erin Tamberella & Rick Wright
Updated: 1/12/15
Clients are much more likely to leave their advisor for lack of service than lack of
performance. Although we’ve all heard this statistic many times before, it’s easy to lose sight of
it when in the midst of a market like we’ve experienced this year. Now may be the time to
carefully consider your current client service model and ask yourself, “Are you absolutely certain
that you are providing everything your clients need during this difficult period?”
We are all quite familiar with the “know your client” rule, but how well do you “know your
book?” What follows are three simple, back-to-basics steps to really “knowing your book” and
developing a superior client service model based on that knowledge.
1. Segment or Re-segment your book
The segmentation of your book should consist of both a quantitative and a qualitative approach.
Use the following point system to quantitatively segment your book. The assets and revenue
breakpoints may be adjusted upward or downward depending on the nature of your book.
However, regardless of where you set your asset and revenue breakpoints, maintain the same
number of breakpoints and the same number of points per breakpoint. Simply add up the
points for each client and put them in the appropriate client tier—A, B+, B, C, D.
Once you’ve completed the quantitative analysis of your book, review each client from a more
subjective and qualitative perspective. Although you should adhere to the criteria outlined as
closely as possible, there are always exceptions to the rule. It is acceptable to move some “unusual
situation” clients upward or downward from their quantitative ranking as you deem necessary.
Assets
$1 Million and Above
$500,000 - $999,999
$100,000 - $499,999
Less than $100,000
Points Assigned
4
3
2
1
Annual Revenue
$10,000 and Above
$5000 - $9999
$1000 - $4999
Less than $1000
Intangibles
Points Assigned
4
3
2
1
Points Assigned
Enjoy working with them
Takes your advice
Gives referrals or advocate
Sphere of Influence potential
Future revenue potential
Currently do some form of residualized business
Client Tier
A Client
B+ Client
B Client
C Client
D Client
1/0
1/0
1/0
1/0
2/1/0
1/0
Points Assigned
12 – 15
9 – 11
7–8
4–6
2-3
2. Develop a Systematized Client Contact Schedule
Once you’ve completed the book segmentation process, your next step is to determine an
appropriate contact schedule for each tier of client. If you don’t have a structured system for client
contact, begin by observing your current behavior patterns. Evaluate how often you typically
contact each tier of client and by what methods. List what you’d like to “do more of” and “less of”
for each tier. Then develop your own client contact schedule.
Always treat your A and B+ clients the same. Whatever you choose to do for As, you do for B+s
as well. This is important if your goal is to move B+ clients up to A status.
If you have a capable assistant, and unfortunately not every advisor does, the assistant can make
the calls as outlined. They’re actually quite simple. In the call the assistant merely asks if the
client needs anything at that time. Another possibility is a call to update an item in the client
record such as an e-mail address.
Plan on sending extras out every week to your higher tier clients. Extras are non-business-related
items that you periodically send to a client. It can be a small gift or as simple as an article on a
subject the client is interested in. Extras show the client you were thinking about them. It’s these
little things that can make a huge difference to people. Include Extras in your client service model.
A successful client contact schedule should accomplish two objectives. It should raise the level of
service to your existing clients, thereby increasing the probability of referrals. More importantly, it
must be something that you will actually do. Use the schedule outlined below as a guide from
which to begin.
“A” & “B+” Clients:




Phone calls: 10
 4 check-in calls – assistant if applicable
 3 business-related calls – advisor
 3 non-business-related calls -- advisor
Lunch, dinner, event or outing – 2
Plan/Investment/Market review: 2 – advisor
Extras: 3
“B” Clients:




Phone calls: 5
 2 check-in calls – assistant if applicable
 2 business-related calls – advisor
 1 non-business-related call – advisor
Lunch, dinner, event or outing – 1
Plan/Investment/Market review: 2 – advisor
Extras: 2
“C” Clients:


Phone calls: 1 – assistant if applicable
Market review: 1 – advisor
 Alternative Option: Use a conference-call format open to all C clients; if they have
questions concerning their individual holdings, they can call you or your assistant.
“D” Clients:

Market review: 1 – advisor
 Alternative Option: Use a conference-call format open to all C clients; if they have
questions concerning their individual holdings, they can call you or your assistant.
When talking to clients, do more than just give them an update on the market and their account.
Use this as an opportunity to discover what they're really thinking and feeling. Ask them about
their fears and concerns. Don't be afraid to go there with clients. They will appreciate that you
cared enough to ask. It's your chance to gain tremendous insight into what truly motivates
your client. The insight you can gain in these uncertain times will help you to be a better
advisor to your client in good times and in bad.
In addition to a schedule of phone calls and face-to-face meetings, all clients should be on a longterm drip schedule. This is in addition to their regular client contact schedule. Every client
should receive something from you every single month at the same time every single month either
via e-mail or hard copy.
Take the time to do a little research and see what is available within your firm. J.P. Morgan sends
out a weekly market update piece which is an extremely good addition to any long-term drip
system. It’s a one-pager, very user friendly to read and it’s free. Just call your J.P. Morgan
wholesaler to begin receiving it.
3. Automate
The final step is to automate the process in whatever contact management system you use.
Whether you use ACT, FACT, Outlook or a proprietary contact management system, this can be
done easily by setting recurring activities. Establish your own client contact template for each tier
of client. Laminate it and have it on your desk at all times.
Make it a point to work through your entire book with a phone call. As you speak to clients each
day, use your laminated template to set recurring activities based on their appropriate client tier.
All recurring activities are based off of the date of this initial phone call. By setting a client’s
recurring activities as you speak to them, client contacts are staggered and are therefore more
manageable.
The automation step is a critical one. Segmenting your book and establishing your client tier
contact schedules are a great beginning but unless you have the process automated, chances are it
will be a process that falls by the wayside after a couple of weeks. Automation helps you
develop a pattern of consistency and consistency is the foundation of superior client service.
Once your client contact schedule is automated, be diligent in keeping up with your task list each
day. I recommend that you also establish a clean-up block on either Thursday or Friday to handle
all tasks for the week that you were unable to handle previously for whatever reason. Ideally, you
want to begin each week with a clear calendar and little or no carryover from the previous week.
In the beginning of a market downturn, advisors are usually pretty good about keeping in touch
with their clients. However, it’s during this stage of a prolonged market downturn that advisors
begin to feel tired. Slowly and insidiously, avoidance behavior begins to creep in.
Markets are out of your control but client service is not. So why not focus on what you control?
These three steps can easily be accomplished in a weekend. Take the time to develop this system
now to safeguard against patterns of avoidance. Just establishing the system will make you feel
more proactive and in control. Do it for your clients, do it for yourself.
===================
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