Busy… or busy being busy?

It is clear from our many dealings with advisers all around the world that many are currently facing significant challenges. The recent roller-coaster economy, corporate collapses, single-digit investor returns, negative press and general client “unease” are all contributing to what has been a very difficult first half of 2008.

However, with this climate showing little signs of immediate improvement and perhaps the worst not yet behind us, it is worrying to see so many advisers adopting a reactive approach to their practice – reacting to clients’ calls, regularly checking (hourly for many) the stockmarket, searching for new clients and, in some cases unfortunately, looking for ways to reduce their expenses.

Surely if ever there was a time for a professional, calm and calculated approach to the management of your clients’ financial affairs, this is it! This is what your clients (not unreasonably) expect, so why is it that we are seeing such a disjointed approach from so many?

Are we too busy being busy, we wonder?

If you think that maybe “yes” is the answer in your case, we hope the following will give you a few pointers to regaining control of your business.

Staying focused in a difficult market: Business health tips

1.    Take two hours and review your business plan. Satisfy yourself that it’s still relevant. If it isn’t, modify it accordingly. If you don’t have one, invest some time and get one!

Action: Set aside time each month to objectively review your progress to plan.

2.     Ensure you have a structured approach to client communication. It must be based upon frequent, meaningful and varied contact. Every client contact is an opportunity for you to reinforce what you are doing for your clients and, indeed, remind them of your full range of services and solutions.

    Action: Personally speak with your “A” clients every month – regular “how’s things” calls are tangible proof that you really do have their best interests at heart.

3.     Demand that your business coach, advisory board or mentor holds you accountable to your plan. Talk to them at least monthly and formally meet with them at least quarterly for a major review.

    Action: If you don’t have someone you consult with for advice and guidance, ask your PDM or BDM to provide objective, regular input into your progress.

4.     Ensure your staff members are fully across what’s happening in today’s market and, most importantly, how they should interact with your clients.

Action: Hold regular team meetings – it can’t be that hard to find an hour every week or two! No matter how big or small your business is, your staff members are integral to its overall success.

5.     Our CATScan client satisfaction tool (which now contains responses from 40,000-plus Australian clients) continues to indicate that clients are more than willing to refer their adviser – they’re waiting to be asked!

    Action: Ask every “A” class client for a referral.