Step 2: Establish an Infrastructure
In our first installment in this five part series, Step 1: The Right Client, we explained how to determine what types of clients are “right” for you. Begin by asking yourself the following questions: Would I like working with them? Will they be profitable? Will they create new clients? Then, “score” your clients as “A” “B” or “C” based on the following areas: ongoing revenue, potential for new revenue, lines of business, referrals, assets under management and maintenance.
Knowing the “right” clients and “scoring” them is the first step in becoming selective. However, before you can become truly selective, you must establish an infrastructure to service those clients.
An infrastructure to support a full-service model consists of the following:
§ Financial Planning Division headed by a CFP, ChFC
§ Insurance Protection Division led by a CLU
§ Asset Management Division headed by a CFS/CIMA
Aligning yourself with professionals in these areas will help you all grow your practices and address the full spectrum of your clients’ financial needs. This will allow you to focus on the equation for a profitable wealth management practice: Values Alignment + Insurance + Asset Management + Financial Planning = Wealth Management.
Please stay tuned for the next installment in this series, Step 3: Open for Business, to help you better understand potential clients.
