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Pareto Systems is a consulting firm dedicated to fee-for-service professionals. Our practice management and relationship management programs are ideally suited for:
  • Financial Professionals
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Proven Strategies Blog


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2020-07-28 • 3 minute read

The Difference Between a Client for Life and Once in a Lifetime

Many people in business are transactional in that they sell something to a client but that may be the one and only time they do business together. Think of a car salesman, real estate agent, or the guy who sold you an air conditioner or installed your pool. There is a very good chance you will never do business with them again. Sure you might refer someone their way or you may need servicing down the road, but more than likely it will be "one-and-done".

Transactional sales people essentially trade their time for money and are always on the prowl for the next deal. Because of that, they don't need to worry too much about whether or not they like the customer they are dealing with. They simply get the deal, earn the commission and then move on. For a financial advisor though, the relationship lasts long after the initial commissions have been earned and spent. The lifetime value of a client relationship is where the real value is. This goes beyond just the recurring advisory fees or trailers. It also impacts money in motion opportunities as well as on-going referrals.

It is for that reason that having a panoramic Ideal Client Profile is essential. Now here is where it gets interesting. Virtually every advisor already has some kind of ideal client profile but they often have two or three substantial shortcomings: 

  1. It only focuses on assets
  2. It is in the advisor's head
  3. They keep it to themselves

Be Panoramic

Many advisors create a profile that focuses on investment "minimums" and the like. The ideal client is a good fit because his or her investment needs mesh with your expertise AND because they have attitudinal qualities that are aligned with yours. Assets can change over time while attitudes are often hardened. It costs you more than it gets you to deal with a client with great assets and a lousy attitude. 

Create a Checklist

Get it out of your head! It can be abstract to simply say that "I only work with nice people." List out the attitudinal qualities you are looking for. In other words, "My Ideal Client...":

  • Focuses on what I am worth, not what I cost
  • Sees the value in empowering me fully and exclusively
  • Lives within their means
  • Doesn't micro-manage
  • Is responsible and accountable
  • Is consistent
  • Is enlightened about the ebb and flow of the markets
  • Is respectful and courteous with my staff

...and on it goes.

Share it With Clients and Prospects

This checklist will give you and your staff clarity and focus in terms of sticking ardently to an Ideal Client Profile. But don't stop there, show your clients, prospective clients and partners your detailed profile during a review meeting, fit conversation, etc. The benefits of taking the abstract nature of an Ideal Client and documenting it into something people can conceptualize is powerful on many levels. New clients develop a sense of belonging and accomplishment that they are a good fit for you. They don't feel they are buying investments in a transactional way, they feel they are buying-into relationship with a professional. For partners, you become more refer-able because they feel more comfortable endorsing a consultant with a process. And you get to re-frame your value with existing clients and turn them into power brokers. They become re-acquainted with you thus increasing the quantity, and especially the quality, of people they endorse you to. 

Rules of Engagement and the Power of Checklists

Airline pilots are great examples of professionals who rely on checklists. Even though they have flown hundreds of times and could probably take off and land in their sleep, they still go through a checklist to ensure nothing gets overlooked. Create a panoramic and all-encompassing Ideal Client Profile and show it to people as part of your overall process. Demonstrate that you are all things to some people and that you are methodical and deliberate in your approach. Along with the natural Law of Expectation, this process and mindset will help you predictably attract the type of clients you are looking for. Some advisors call this a self-fulfilling prophesy. I say that when you clearly establish and then communicate what you expect, you tend to attract it into your life.

Continued success!

Contributed by Duncan MacPherson

Take Action:

WEBINAR INVITATION:

How to Generate Good Quality, CONSISTENT, Referrals - Click to Register

To unlock your full potential when it comes to consistent client acquisition and sustainable client retention, you need to dial in a combination of proven strategies that elevate you above competitors. In this actionable webinar, Duncan MacPherson, CEO of Pareto Systems, will discuss the time-tested proven referral process that has helped our clients to double, and in some cases even triple, their business.  

• Unlock quality referrals from your best clients 

• Double the amount of referrals you received in the last 12 months 

• Create a process to ensure consistency 

Duncan will save the last half of the webinar to answer your questions. Be sure to enter your question when you register.  

Thursday, August 13th at 4:10 pm ET

Registration link: https://register.gotowebinar.com/register/3841645657396389132

 

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2020-07-27 • 20 second read

There are advisors who have made themselves indispensable to their clients, and created incredible buzz throughout families, by creatively bringing value to their clients’ children when it comes to understanding money and investing. If you read The Millionaire Next Door by Tom Stanley, you already know the power of positioning yourself within the entire family.

Excerpt from The Advisor Playbook: https://www.amazon.com/Advisor-Playbook-Liberation-Personal-Professional/dp/B01MQVORIW

Need a next gen strategy? Talk to my team: www.paretosystems.com

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2020-07-24 • 20 second read

Just a gentle reminder that, contrary to the old cliché, time is more valuable than money.

I called a client of mine in Florida and got his voicemail. He had a very professional, pleasant greeting, and - right out of our Playbook - at the end of the voicemail he said “I return messages between 3 and 4 pm every day. If your matter is urgent, please contact so and so”. He is projecting to his clients and anybody else that he values his time. He guards his time, and unless and until you do, nobody else will.

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2020-07-23 • 20 second read

Don't just make your clients the voice you listened to, make your team the voice as well. Understanding how you're perceived and how your value is articulated by everybody on your team can help you raise the client experience and increase your rate of referrals.

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2020-07-22 • 20 second read

This is Why
You Became a Financial Advisor

Remember your Purpose, stick to the Plan, and trust the Process.

The Pareto Systems Knowledge Bank includes actionable resources for you to be the voice of reason in these volatile times. We will continue to add insights, videos, scripting and more to this page, so check back often.

Click here to access: https://paretoacademy.com/knowledge-bank-volatility.html

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2020-07-22 • 20 second read

As a professional productivity coach, I spend a lot of time with clients helping them understand the power of consistent and sequential implementation. When you try to develop a skill such as a second language or a sport, ongoing immersion and refinement over time (rather than a quick bombardment) leads to lasting results.

2020-07-21 • 6 min video

Don't just make your clients the voice you listened to, make your team the voice as well. Understanding how you're perceived and how your value is articulated by everybody on your team can help you raise the client experience and increase your rate of referrals.

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2020-07-20 • 20 second read

When you and your clients are crystal clear about all the reasons why they want to achieve financial independence, they place far more value on how you plan to get them to there. This will competitor-proof your clients in a way that ensures that anyone trying to steal them will meet resistance and dead ends with every effort. It’s a win-win situation, because the more your now-competitor-proof client buys into your process and understands and appreciates it, the easier it will be for them to describe that process to someone else. You’re more referable.

Excerpt from The Advisor Playbook: www.paretosystems.com/the-advisor-playbook

For our daily stream of actionable insights visit paretosystems.com

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2020-07-17 • 20 second read

One of the easiest and most powerful branding strategies you can deploy to exceed the expectations of your high net-worth clients - and make yourself indispensable to them in the process - is to adopt a train-the-trainer mindset. Help them to encourage their children to develop a solid financial philosophy and approach.

Excerpt from The Advisor Playbook: https://www.amazon.com/Advisor-Playbook-Liberation-Personal-Professional/dp/B01MQVORIW

Need a next gen strategy? Talk to my team: www.paretosystems.com

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2020-07-16 • 5 min audio

Elevate the client experience by transitioning to a process driven environment and shift from organic to scalable growth. In this episode, Duncan provides valuable insight into overcoming the ‘red-zone’ of scalable growth to building a truly franchise ready business.

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