Practice Made Perfect 6 is the ideal opportunity to spend quality time with the best financial-advisory business consultants in the country. You get tips, tools, and worksheets to ensure that you can manage your practice to become the business success you want it to be. This book will be your new best friend—guaranteed | 28 Practice Made Perfect this you need to break down the process into its essential components. For example your client process may look something like this Initial promotion Prospect responds First meeting Relationship defined Information gathered Analysis performed Recommendations developed Internal quality control review done on the recommendations Recommendations made to the client Recommendations implemented by the adviser Actions confirmed to the client Follow-up meetings held Of course this process has countless variations depending entirely on your philosophy and approach. Over time you find the way that works best for you. For example if all of your new business comes from referrals it s possible you would include a step about how you communicate with the sources of referral. Or you may have a more aggressive business-development initiative that requires multiple contacts with prospects before they become clients. Whatever your process is isolate it document what makes it successful and train your staff in the protocol. Beyond the process there is also your philosophy of client service to consider. For example if you require that all new clients have a financial plan then what will be the components of that plan Or if you insist that you be made aware of your client s total financial picture including any investments with other advisers then define how and why this is being done. Although these considerations may seem elementary we find that many advisers approach their clients as if it s their very first experience at advice giving. There is no need to be tentative. If your logic is sound your approach consistent and your fees are reasonable for what you re delivering then make it clear to your prospect or client how you do business. can you imagine a doctor wanting to treat a patient who tells the physician what the approach should be Or a cPA being comfortable auditing Strategic Business Planning Defining the Direction 29 only those documents the .
