Financial Advisor Marketing Idea: Create a Client Service Matrix

Know your clients

Financial Advisors can create a Client Service Matrix

STOP! Don’t go looking for new clients just yet. The first thing you need to do before you ramp up your marketing efforts this year is to make sure your existing clients are well-serviced. So I ask you: Are you providing raving fan service to your clients? Are you exceeding their expectations?

If I were to ask your top five clients if they were satisfied with the service they are getting from your firm, what would they say? If you’re afraid to find out the answer, you probably need to get a handle on how you are working with your clients. The best way to do that is to create a service matrix that ensures you and your staff are providing a high level of service.

In the work I do with financial advisors, this is a major topic of discussion!

Not everyone gets the best

You simply don’t have the time to provide the best service to every single client, at least not if you’ve had your practice more than five years. In the beginning you could handle every single client but as you’ve grown, it has become increasingly important to segment your clients based on assets under management and/or whether a particular client is an ideal client.

Put it in writing

How will your staff know what needs to be done on a regular basis? Communication is the key and putting it in writing will not only help you figure it out, but it will show your staff that providing a high level of service is one of your guiding principles. Write down all the services your clients will receive in a working relationship with you and plan it out on a monthly basis. Think about all the components that make up your service standards from the moment a prospect becomes a client all the way through a client review meeting.

Determine support systems

In order to ramp up service, what support systems need to be in place? Is your CRM helpful and do your staff have access to it? Think about potential problems and how to avoid them. Is your rebalancing software up to snuff? How about your financial reporting software? What are you lacking that you need?

Challenges you may have

Over the years you and your firm have grown. You’ve added new clients and you’ve grown your skills. You are not the same advisor anymore. You don’t have the time for hand holding that you had in the beginning . You may need to transition smaller clients to other advisors or upgrade smaller accounts so that they meet your new minimums. Part of providing excellent service means letting go of clients who no longer fit your service model. I know it may feel scary to give up revenue, but it must be done in order to clear “space” in your practice to accommodate servicing your ideal clients.

What about you? What challenges do you foresee? What services do you want to offer? How do you want to change your firm this year?

About Suzanne Muusers

5 Responses to “Financial Advisor Marketing Idea: Create a Client Service Matrix”

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  1. Aayna, If you use this type of business model, you will always have happy clients. Thanks for stopping by. Suzanne
    Suzanne Muusers recently posted..Financial Advisor Marketing Ideas: Create a Client Call ListMy Profile

  2. Hi Dominik,
    Do you have a client service matrix?

    Suzanne Muusers recently posted..6 Keys to Improving Your Website User ExperienceMy Profile


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