While the list of consulting programs we provide at USA Financial is long, we’ll focus here on how we help advisors identify what is really happening with the people they serve.
This is the first of two revealing exercises; this one called The Loyalty Ladder.
In order to maximize this particular Opportunity Gap it is important for us to ask our advisors "What do you have?" Or, asked another way, "Who are you working with?" That is why when we start working with an advisor or a team we never ask, “how many clients do you have?” It's an inappropriate question. What we ask instead is “how many households do you serve?” We start with that larger number and then break it down into three categories: Customers, Clients, and Advocates.
The first group, Customers, we describe as people that are doing business with you, but we also know they're doing business elsewhere. It may be that they do their wealth management with you but perhaps they’re doing their risk management and insurance someplace else, or it could be that they have a second advisor, just to mention a couple of examples. Obviously, we’re not downplaying the revenue that these folks generate, but typically these relationships are a product of timing and/or convenience and they rarely progress further with your practice.
Related Posts
The 80/20 Rule Works Because It’s Brutal
How are you applying the 80/20 rule? What does it really mean when you look at it from a revenue lens vs. a profit/EBITDA lens? The 80/20 rule is dramatically different based on how you use it and that’s what makes it so brutal and so useful. In this episode of Future Zeros, we’ll dive deeper into client segmentation and how it impacts the bottom-line profit of your practice.
Common Compliance Questions about Testimonial Use
As is fitting for a compliance-themed article, we will start with a disclaimer: We are going to discuss the compliance rules around testimonials that our compliance department has determined for our affiliated advisors. However, different Registered Investment Advisors may interpret the Rule and/or have policies that do not match the information in this blog surrounding testimonial and endorsement use in advisor marketing materials. So, please know that you should reach out to your own firm with questions before taking action on using testimonials in your marketing materials.
3 Ways Your Team Can Use AI to Support Your Business
In today’s rapidly evolving business landscape, technology has become a powerful catalyst for innovation. Artificial intelligence (AI) is revolutionizing industries with automating tasks and providing enhancements to processes which have unlocked new opportunities. AI-powered technology, for instance, is transforming traditional support roles, providing businesses with tools that can improve workflow efficiency and strategic capabilities.