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A-Grade client action plan

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Have you ever thought about a clear marketing strategy and plan for EACH of your top clients? …

Have you ever thought about a clear marketing strategy and plan for EACH of your top clients?

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  • 1. A-Grade Client: Action Plan1. Current situation – a short summary of key trends in assets and revenues: For 2009, 2010 and 2011, show your revenue for each year from this client, as well as assets you manage at the end of the year. In addition, document how long you’ve been working with this client – and how you came to work together.2. Financial priorities: Summarize this client’s top three financial issues and priorities.3. Assessment of client satisfaction – how satisfied is your client with your relationship? On a scale from 1 to 5 (where 1 is low, 5 is high), write down your assessment of how satisfied your client is on key dimensions of your relationship:• Performance of investments or risk management portfolio• Clients Confidence that they are on track to achieve goals• Frequency of your communication• Quality of communication – the client feels listened to, key questions and issues are addressed• Overall relationship4. Plans in place – an overview of the written plans this client has in place: List the kinds of written plans this client has in place, whether they have been completed in whole or in part, when they were prepared, when they were last updated and who prepared them. Among the plans to consider might be: • financial plan • risk management plan • investment plan • retirement plan • estate plan
  • 2. • tax plan • cash-flow plan.5. Key gaps: Identify important gaps in this client’s plans and financial affairs.6. Preferred contact – how does this client want to hear from you - and how often?Document the client’s preference in terms of contact:• Face-to-face• Telephone• Email• Mail• Lunch/Breakfast meetings• Evening meetings• Now review the frequency with which you used each of these methods to communicate with this client in 2011 – and your goal for each of these in 2012.7. Your knowledge of the client This section identifies gaps in your knowledge of the client. Rate your knowledge from high (5) to low (1) in terms of their: • financial situation • work situation • family situation • hobbies and interests • retirement plans • health and personal issues
  • 3. Then identify knowledge gaps that you need to fill in the next year.8. Professional advisors: List the name and contact information for this client’s accountant, lawyer and other professional advisors. On a scale from 1 (low) to 5 (high), note the strength of your relationship with their other professional advisers.9. Percentage of assets or business held: • Approximately what percentage of this client’s assets or portfolio do you provide advice upon? • Where are outside assets held, what do they consist of and what is their approximate value? • What’s your history in terms of bringing on additional assets from this client? • If clients has business with outside firms, have you offered to prepare a consolidated report of all of their assets or portfolio?10. Relationship with heirs – where you stand in terms of your connectionwith your client’s spouse and family members. • List the name of each person who will receive a substantial inheritance from this client, starting with the spouse and including adult children. • In each case, identify whether you advise upon their business currently and rank your relationship with them from 1 to 5, where 1 is low and 5 is high.11. Past referrals provided Do you know where this client introduced you to friends and family or other colleagues, including the potential opportunity, and the outcome?12. Close business associates Do you know this client’s closest business associates, and have you met them?13. Social activitySummarize where you have got together with this client socially. List the eventor activity, and any response or feedback from the client. Based on that
  • 4. feedback, should you repeat these activities in future?
  • 5. Understanding and Capitalizing on OpportunitiesOnce you have the background documented, next is a five-step process toidentify opportunities and formulate a plan to capitalize on those opportunities.This drives the agenda for client meetings and shapes the conversations thattake place.Hot buttons 
What 
are 
the 
one, 
two 
or 
three 
issues 
that 
this 
client 
worries 
about 
the 
most 
– 
and 
that 
will 
motivate 
him 
or 
her 
to 
act? 
Create 
a 
checklist 
– 
a 
quick 
summary 
of 
gaps 
in 
this 
client’s 
financial 
affairs 
that 
concern 
them. 
Opportunity checklist 
Here’s 
where 
you 
identify 
any 
things 
that 
need 
to 
be 
done 
to 
ensure 
the 
client’s 
basic 
affairs 
are 
in 
good 
order. 
Here’s 
a 
list 
that 
you 
could 
use 
as 
a 
starting 
point 
– 
for 
each 
of 
these, 
indicate 
if 
there 
is 
work 
to 
be 
done 
on 
them 
in 
2012: 
 a. Cash management b. Taxation planning or taxation reserves c. Critical care insurance d. Life insurance e. Income Protection f. Retirement plans and Kiwisaver g. Estate Planning tools - Power of attorney; Trust; Wills h. Business protection – keyperson; debt redemption, business overheads, share purchaseKey client gains for 2012Write down three things that the client’s feels will be progress if achieved inthe next 12 months.Key business opportunity for 2012Identify THE one big goal for this client that is good for your business andwould result in a win-win for both of you in the next 12 months 
Key steps for 2012What 
specific 
steps 
are 
you 
going 
to 
take 
in 
2012 
to 
achieve 
these 
goals? 

  • 6. Understanding and Capitalizing on OpportunitiesOnce you have the background documented, next is a five-step process toidentify opportunities and formulate a plan to capitalize on those opportunities.This drives the agenda for client meetings and shapes the conversations thattake place.Hot buttons 
What 
are 
the 
one, 
two 
or 
three 
issues 
that 
this 
client 
worries 
about 
the 
most 
– 
and 
that 
will 
motivate 
him 
or 
her 
to 
act? 
Create 
a 
checklist 
– 
a 
quick 
summary 
of 
gaps 
in 
this 
client’s 
financial 
affairs 
that 
concern 
them. 
Opportunity checklist 
Here’s 
where 
you 
identify 
any 
things 
that 
need 
to 
be 
done 
to 
ensure 
the 
client’s 
basic 
affairs 
are 
in 
good 
order. 
Here’s 
a 
list 
that 
you 
could 
use 
as 
a 
starting 
point 
– 
for 
each 
of 
these, 
indicate 
if 
there 
is 
work 
to 
be 
done 
on 
them 
in 
2012: 
 a. Cash management b. Taxation planning or taxation reserves c. Critical care insurance d. Life insurance e. Income Protection f. Retirement plans and Kiwisaver g. Estate Planning tools - Power of attorney; Trust; Wills h. Business protection – keyperson; debt redemption, business overheads, share purchaseKey client gains for 2012Write down three things that the client’s feels will be progress if achieved inthe next 12 months.Key business opportunity for 2012Identify THE one big goal for this client that is good for your business andwould result in a win-win for both of you in the next 12 months 
Key steps for 2012What 
specific 
steps 
are 
you 
going 
to 
take 
in 
2012 
to 
achieve 
these 
goals?