Consistent Delivery of Client Services

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On a recent trip, I was walking down the streets of New York City and I couldn’t help but notice the proliferation of Starbucks coffee shops.  The iconic branding of the Starbucks logo and the lines to get a simple cup of coffee strike me as something that has profound implications for financial advisors. 

Starbucks has mastered providing a consistent customer experience. How have they accomplished this? It has systematized the process of procuring coffee and turned it into an excellent customer service experience that is repeatable and creates not only customer loyalty, but raving fans.  So what can we learn from this?  I think quite a bit and this is the subject of our first white paper written specifically for financial advisors.  

Here’s a quick summary: 

Due to the evolution of the independent advisor industry, many firms have not invested in developing the core systems, workflows and infrastructure needed to efficiently provide a consistent level of service.  As a result, advisors are suffering capacity constraints exactly at the same time that macro forces, such as baby-boomer retirement, are driving a growth curve their way. 

The solution to this conundrum is to adopt systematized workflows for providing a high-level of service, similar to how industry leaders, such as Starbucks Coffee Company has done.  Through the automation of client service workflows, advisors can build an efficient foundation that will enable them to scale their businesses for growth and increased profits, all while building business value that can be monetized when advisors transition to their next phase of life. 

The challenge for many firms that is preventing them from systematizing their processes is that they typically don’t know where to start or feel that they don’t have the time or expertise. However, when breaking the project down into smaller, manageable steps, advisors can begin to organize and document client service workflows, leverage CRM technology and adopt the best practices of industry elite firms, consultants and experts. 

These steps and sample workflows are illustrated in our report and can be utilized by advisors to get started in building that efficient, scalable, profitable and sustainable practice that can help withstand volatile markets and tackle challenging compliance regulations. 

Firms who do adopt this approach can be richly rewarded by their efforts and the new business opportunities coming their way. For those who don’t, industry experts predict they are likely to struggle to maintain profitability and long-term sustainability. 

These are a few of the quick takeaways from our white paper. For a deeper dive, including specific examples of how to automate a client service delivery such as converting a new prospect to a client, download our free white paper at 

Don’t forget to follow me on Twitter @DeborahSFox!

Deborah Fox

About the Author:

Deborah Fox is CEO and Founder of Fox Financial Planning Network (FFPN). Deborah has been a financial advisor running her own firm for over 25 years. She is nationally known for her unique planning processes and for instructing and coaching financial advisors on how to work more efficiently in order to free up time and increase profits, all while delivering a higher level of client services.