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In the work we do with financial advisors at this stage, they all have the same problems:

1. The information that should be tracked on all clients has not formally been mandated.

2. If mandated, the process of gathering that information is not standardized.

3. Data is not centralized in a contact management system or is not tracked in fields that can be used to manage that data effectively.

4. Little or no data formally gathered on suspects or prospects.

5. There is no formal process in place to update client information.

While you may not face all five challenges, most advisors are grappling with at least one. To help you standardize, we have split this process into two components: getting started and managing the process.

1. Identify all information that you want to gather on your clients.

2. Structure your contact management system to include fields to track all appropriate information.

3. Create an automated report.

4. Identify standard information to be gathered on all suspects/prospects.

1. Prior to each client meeting, print your client report.

2. Update the client report during or directly after the meeting to fill in some or all of the missing information and identify next steps.

3. Pass the client report to your assistant to update your contact management system and execute the next steps. (Note that the next time you run your report all the new information you gathered will show.)

4. Double check that the next client meeting is scheduled.

As with many practice processes, the bulk of the work is in the set-up, rather than the management. That's a fundamental law of practice efficiency. If you need help in structuring your contact management system or automating processes, Advisor Impact can recommend:

David Stevenson, 

PowerAssist Technologies Inc., 

Toll Free (877) 769-3769

Phone (905) 690-3769 or contact

STRATEGY  &  SYSTEMS

To get your own complete version of the above and to "Get Started" on your systems today, request the "Annual Review Process" from PowerAssist: Click here

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