Grant starts his article with this one question: “Who is your competition? Can you confidently make that argument with your top 25 clients? Do you do annual feedback & transparency with your ideal clients”
If you can’t answer that question annually Hicks argues that your business is potentially at risk. He notes a study done by Business Health PTY Ltd. Key Value Drivers USA 2016 states that 85% of advisors don’t do feedback.
The key takeaway from Hicks is that as an Financial Advisor you need to add “more planning, more advice, more technology and more communication” for your ideal & best clients.
If your not upgrading your service, a competitor may come out of no where and scoop up your clients.
Why Do More?
Hick dives deeper into the question of “why do more”, when I am too busy already dealing with existing clients? Hicks discusses segmenting your business and ask yourself if you want to get yourself more clients or better clients?
You need need to ask yourself the question: Why am I not growing the segment of my business I define as “ideal clients”? What more can I do to woo more of these clients into my book of business?
The key takeaway from Hicks is to focus on reflection, segmentation and capacity. Reflect quarterly on segmenting your business to ensure you have ideal capacity to deal with your ideal clients in the manner reflective of your businesses’s core values.
Do Wealthier Clients Expect And Want More?
A great question for advisor entering the business or moving their target market is: “Do wealthier clients expect and want more?” Ultimately clients that are paying 10x demand and deserve a high quality of service. It’s only logical.
Hicks states that if you want to grow your business you will need to evolve your own skills which will enable you to grow your revenue.
An Exercise Of Value
Hicks discusses an exercise he runs his Financial Advisors who attend his workshops through: write down what ideal high net worth clients are NOT getting from their current advisor or financial institution.
When the advisor goes through this exercise they uncover specific details on why clients switch! Do these high net worth individuals know what they aren’t getting vs should be getting? The answer is no.
Hick’s takeaway is to ask the following question to your high net worth client: “How do you feel when you find out you are paying for something and not getting it?”
What Does Doing More Look Like?
With a compelling list of services that ideal high net worth clients are not getting Hicks states that you are Financial Advisors should take that compelling list and seek our high net worth clients.
Begin to define out your ideal client acquisition Hicks continues.
Get More Confidence In Your Practice
If you are looking to raise your fees or want to change your strategy please contact Grant Hicks to help you with your ideal client acquisition process.
[READ] the original article by Grant Hicks here.