Peter Bowman was working for a dealer group and wanted to chat to his Financial Advisors about how to market themselves better, but never felt there was enough time. As a result he wrote the book “Service 7”.
The 7 steps for great service to your clients are:
- Providing value
- Understanding your client’s needs
- Attracting the right kind of client to your business
- Customer service
- Having a service delivery process that works each time
- Deliver for today and deliver for tomorrow
In this episode we cover the first point – Value.
In Financial Planning you want to cover goal based value with your clients, or what are their goals and where are they wanting to go. A “50 page fact find” can actually be a barrier to find out what someone really wants. Legislation states you need to make a reasonable attempt to understand your client’s goals, but a conversation is way more powerful to find out what is important to them.
Capturing emotion up front will help you understand what they really want, rather than just evaluating their bank account figures.
A tip to do this is to start with a blank sheet of paper and think about what impacts your client’s life. You will be able to come up with 4 or 5 topics you can start talking to them about based on their age and how they earn their income.
Talk about these issues as they apply to your other clients and ask if it is also important to them.
“People don’t know how much you know until they know how much you care.”
Peter Bowman is the recent author of Service 7, a new book designed to offer simple steps to help professional service providers improve their business. He has worked within his own consultancy, tutored, and lectured at the University of Newcastle, Australia. He has created and implemented frameworks to deliver to his own clients valuable client and business outcomes. He has also worked in professional environments for over a decade for both institutionally owned and independently owned financial services businesses.