Landing a new client for your financial advisory business is always exciting, but it can also be intimidating for both the new client and you. Your clients may not know what to expect -- or worse, have unrealistic expectations -- and you might have so many ideas you're not sure where to start. Having an established process for on-boarding new clients can help ensure that your relationship gets off to a great start. Here's what you need to know to get started.
For starters, your on-boarding process will set the tone for the entire relationship. For example, if you prioritize face-to-face interactions, setting an initial in-person meeting as part of the process will help establish just how important it is to you to meet in person periodically. On the other hand, if you feel that you can deliver just as much value by interacting via email, Skype, or similar tools, your process can incorporate those tools from the get-go.
Client on-boarding is essential in setting expectations, clarifying any areas that may be fuzzy to the client, and laying out a communication plan. While your initial meeting may also include client-specific strategizing and risk assessments, consider on-boarding to be an orientation.
It's also helpful to have a clearly defined, repeatable process to follow. Not only will you no longer need to wing it, you'll be more confident and better able to answer the "what's next" question.
No matter what your process looks like, you may find it helpful to use technology or checklists.
The suggestions below can be tailored to best meet your preferences. Use them as a springboard as you develop your own on-boarding process.
Again, feel free to modify the steps listed above to best suit your practice.
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