Redtail’s monthly newsletter arrives in subscriber inboxes on the first Tuesday of each month, delivering Redtail and industry news, solution updates, practice management information, and more. Our March 2021 newsletter, delivered today to subscribers, includes several best practice pieces, the February winner of our Best Paw Forward Photo Challenge, CRM updates, and more! Even if you aren’t a subscriber though, you can still check out the March issue here.

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Repetition can be comforting

One notable quality of many forms of media produced specifically for children is the repetition of a phrase intended to firmly root an idea or lesson in the mind of the child. Since it’s common for kids to watch the same movies over and over again, or request that we read the same books to them night after night after night, I tend to think of these types of phrases as something similar to a security blanket, something that brings comfort in a world that is often anything but. Think “just keep swimming” from Finding Nemo or “hakuna matata” from The Lion King or “once upon a time” from, well, pretty much everything.

A movie from 2005 called Robots (that is not-so-memorable otherwise) has succeeded in establishing a permanent place in my memory strictly on the strength of one such phrase repeated several times: “See a need, fill a need.” Simple, yes, but also a pretty complex idea for a kids’ movie, if you ask me. I believe it’s stuck with me primarily because the people I most respect, love, and aspire to emulate are those who live this idea through their actions and words.

A little background . . .

My parents have many great qualities, including organizational skills, attention to detail, extremely strong work ethics, and persistence. Nonetheless, one ongoing struggle they have always been challenged with is how to successfully manage their finances. I’m frequently reminded of the irony that the industry I have ended up working in is geared toward helping those like my parents for whom money management is their Achilles heel.

When I was 14, I already had my Dad’s work ethic. And, at the time there was not very much food on the table. I began babysitting for a family that was much more comfortable financially than my own. But, this wasn’t normal babysitting. My mom always insisted that babysitting meant clearing out dishes in the sink, doing laundry, and generally picking up, as well as doing some light cleaning. So, babysitting became nannying, then housekeeping, housesitting, extreme house cleaning, and even teaching homeschooling curriculum, all by the time I was sixteen. I would even give my paper planner to my employer and she would call her friends to fill the open times in my schedule for every weekday in high school and weekends.

It took years and the perspective that comes with hindsight for me to understand that the woman who employed me saw a need and filled a need. Not only did she fill my calendar; she mentored me financially and personally. She also frequently sent me home with leftover meals and food they “weren’t going to eat or didn’t like.” I had blueberries for the first time, along with Brussel sprouts, avocados, and much more! Only recently have I realized that she purposefully brought home extra groceries to be able to send eggs, milk, and other staples we just couldn’t afford home with me. Out of everyone in this world, she is the angel in my life who saw what I needed and, without being asked, singlehandedly set my life straight by being exactly what I needed at the time. She was an invaluable resource in my life, not because she had to be, but because she chose to be.

Build relationships by being there

Identifying where there are deficits is a skill, one that is honed and improved on with practice. Are you working on developing this skill with your book of business? In your office, is there a directive to focus on client needs? A need can be anything the client requires assistance with that you have the power to help with.

The potential for meeting client needs can vary widely but might include such actions as reminding clients to re-up their insurance coverages yearly, reaching out prior to driver’s licenses expiration dates, or prioritizing “just because” points of contact for clients who seem to take comfort in those types of interactions, which is often the case for those who live alone.

One theme I see over and over again among advisory offices is that clients who are not consistently engaged with outside of client reviews are much more likely to either cancel services or to present surprises during the review, such as having moved months prior without notifying the advisor. Staying on the client’s radar is imperative for a successful advisor-client relationship, particularly for those clients who’ve made it clear they need those extra “touches”.

When you’re fulfilling these types of needs, you’re also solidifying a firm presence at the forefront of your client’s mind. They’ve enlisted your aid because they either don’t have the time or they don’t have the ability to manage their finances on their own; when you anticipate their needs and fill them, some of the magic of the proverbial security blanket will hopefully rub off on you and allow you to offer a measure of comfort to your clients. Wouldn’t you rather hold that place of honor in your clients’ minds than cede it to something like a silly movie from 2005 about robots?

Redtail’s monthly newsletter arrives in subscriber inboxes on the first Tuesday of each month, delivering Redtail and industry news, solution updates, practice management information, and more. Our December 2020 newsletter was delivered yesterday to subscribers. Even if you aren’t a subscriber though, you can still check out the December issue here.

To become a subscriber and make sure you never miss an issue, sign up here.

When it’s reached the point where customers stay with you in spite of rather than because of the customer service you provide, it’s probably time you begin establishing a hierarchy of priorities in order that nothing is left undone, including those critical opportunities to delight your clients.

I’m a crafter, and during my visits to a chain craft store near me it has become a normal experience to find employees in sour moods. At first, I was pretty shocked at the attitudes they displayed in their customer interactions; I mean, I work at Redtail where we strive to make our customers raving fans. But, as I crafted more and went back to the store frequently, I made it my personal mission to turn the employees’ days around. I would be overly happy, smile, and thank them profusely, all in hopes of spreading a good attitude. But nothing seemed to work.

Every time, the culture at this store was so toxic, and I typically left in a bad mood as well, despite my intention to brighten theirs. My craft shopping became a chore that I dreaded. Unfortunately, there are no other stores close to me that carry the same products, and ordering online is usually not an option due to the desire for specific fabric or materials, or an immediate need for tools, etc.

Much to my surprise on a recent trip to The Dreaded Craft Store, I had a perfectly normal experience. Unlike other times, there were no mistakes, no mispriced items, and, while employees were not overly kind in any way, no signs of the rude behavior I had come to expect. This time I left the store delighted!

And then . . . I thought about it. Should I have been delighted just because they hadn’t ruined my morning? A basic service can be found most anywhere, but clients generally have options. I was giving up an expectation of courteous service for convenience. Are your clients doing the same? And will they continue to do so if there are other options that are just as convenient?

Yes, we are in the middle of a pandemic. Yes, many families, businesses, and communities have been adversely affected. However, is it possible that service standards may have declined in some instances due to excuses that staff is “adapting to these uncertain times”, “making adjustments to unprecedented events”, etc.? Has your office perhaps engaged in any of these excuses to explain away an increase in mistakes, delayed projects, etc.? If so, one possible solution to get everyone back on track is to eat a frog.

I’m not joking – they are delicious! Boil them, bake them, drop them in a deep fryer, or whatever your preference may be – go for it!

“If it’s your job to eat a frog, it’s best to do it first thing in the morning. And if it’s your job to eat two frogs, it’s best to eat the biggest one first.” ~Mark Twain

Mark Twain devised this metaphor of “eating a frog” to demonstrate the importance of prioritizing tasks and breaking down projects into bite-sized pieces to make them more manageable. The gist of his witticism was that if it’s your job to perform a task that you have no motivation to do, then it is best to perform that task first thing – then you can know that the worst is behind you. So, which of the many tasks on your plate look like, taste like, or hop around elusively like frogs? Tackle those first! Easier said than done, right?

Let’s break it down even further. Looking at all the tasks on your team’s to-do list, which of them are absolutely essential to the operation of the business? Account openings, trades, annual reviews, renewing business licenses, compliance documentation, broker dealer requirements, and so on. Those are some big frogs! Better consume them first.

Next, which of the items are “customer service” related. These are the things that are “nice to have” and provide a basic client experience. This may include appointment reminders, thank you cards, birthday cards, personal touch phone calls or check ins, and more. Eat the big frogs first, but make sure all of these items are taken care of as well.

Lastly, what are your firm’s opportunities to delight? Thanksgiving is approaching and many households will not be celebrating in a traditional way. What can your firm do to delight clients around this time of year? Maybe you are going all out with supporting a local bakery with pie orders to be delivered to clients. Or doing something as simple as emailing a recipe to all business contacts. Perhaps you’re recording  a video of yourself  cooking a family recipe and sending the YouTube link to clients. Opportunities to delight abound, but you’ll never get to them if you’re still procrastinating about the items you should have taken care of to begin your day.

Yes, most of my ideas revolve around actual recipes; your recipe for delighting clients may not involve food in any way. Regardless, this is the time of year, either literally or figuratively, to dust off those baking pans and fire up the oven; bonus points if your recipe includes frogs in the ingredients list.

For some a crisis may result in incredibly busy periods; for others it may mean they actually have more time than usual. If you are currently working from home due to COVID-19, you may find yourself in both of these positions throughout the course of a week. Your clients may be more in need of your time than usual; at the same time, you’re likely engaged in fewer extracurricular activities and spending little to no time commuting.

If you do find that you currently have extra time that you would like to spend in an effort to improve the quality of your work life, your processes, etc., we’re offering this as the second in a series of posts we hope you’ll find useful (the first is available here). Maybe all of these ideas won’t apply to you; maybe you already practice some of them. Either way, if we can help you bolster any area of your business through any of these suggestions, that will be pandemic downtime well spent.

In this second post (from Redtail Trainer Hayley Mandrup), we’ll consider some of the practical aspects of creating a client communications plan.

Communicate with purpose

When it comes to communicating with clients, finding a strategy that is both practical for your office and in line with your clients’ individual expectations can be a challenge. Some of the questions you may find yourself asking include: How much do I contact them with business-related communications? What am I required to notify them about? How can I communicate with them according to my compliance requirements? How do I strike a proper balance between sharing content that is compelling, entertaining, or simply informative?

These types of communication questions and many others like them are common in advisory practices. And the good news is there is a practical solution: Make a communications plan! When you begin to communicate with purpose, clients have consistent experiences, and office communication tasks are streamlined.

Start with segmentation

To manage communications that are a part of the client relationship as it develops, segment out your service levels or service packages. Then, you will be able to define which service levels receive the distinct communications you intend to deliver and to which “communication list(s)” they should be added.

For example, if you segment clients by their level of assets under management, a $1 million client could expect birthday gifts, client and marital anniversary cards, an option to opt into a market update newsletter, an invitation to an exclusive client appreciation event, and so on.

As prospects become clients, their communication list will vary based on their determined service level. This act of segmenting clients is, in an of itself, an important allocation of firm resources. In many cases, the majority of a firm’s income can be traced to the top 30% of clients or less. You’ll want to scale your communications mix with those clients accordingly, recognizing that their business, in some cases, supports the services you are able to offer other clients.

Associate communication lists with service levels

Breaking down the expected client experience for each service level is the next step. Everyone needs to receive an ADV and/or WMA, so those are included in all the service level cadences. But what other pieces of value can be added at little or no cost, and perhaps included at every level of service? Recipe recommendations around Thanksgiving? Hiking trail locations in the spring, summer, or fall? Volunteer organization contact information for local charities to encourage clients’ community involvement? These are just a few ideas for topics you might consider creating “extra” touchpoints at different times during the year to stay in contact.

Begin by mapping out a client cycle. What emails/letters/phone calls/texts should we have with prospects? In what order? What should the timeframe be between communications? Then, once they become a client or decide to move forward, what happens next. As soon as they are a client, they will be placed into the appropriate client service level and added to any essential lists or reports within your contact management system to ensure they receive the necessary communications.

Communications independent of service level

It is important to remember that correspondence doesn’t stop here. What about when life events happen? How does your office acknowledge new family members or provide resources through tough situations like divorce or the loss of loved ones? Not every email or letter can or should be templated all the way through; but, brainstorming ahead of time the three or four things that your office can communicate during these different scenarios helps to streamline what can be difficult communications when these things actually happen.

Also, consider the end of the client relationship. This can occur by the choice of the client, the choice of your firm, or through the client passing away, three very different ways of the relationship ending with each requiring their own correspondence cadence and timeline.

As with the beginning of the client relationship, start by asking what is required, what is helpful, and what can you add that represents your office’s values. This could be a drip campaign for clients that ended services by their own choice, or a final birthday card on the year after they ended services.

For a deceased client, this could be attending their memorial or funeral (if appropriate) or sending flowers to the living spouse on the first marital anniversary afterwards. Keep in mind that not everything should be templated or canned; part of the reason your clients appreciate you is that personal experience that they receive. Consider preparing several different options and leaving the final decision up to the advisor when a scenario actually happens. This is the perfect combination of preparedness and personal touch.

What would you expect? Plan accordingly

In summary, mapping out a communication plan for contact and client relationships can be a daunting task. But, a little time up front will save much time later. Think about planning out communication strategies as a way to ensure that clients receive the top-notch level service that you would like them to experience, the top-notch level service that you would like to experience, were you in their shoes.

Depending on resources available, start with a bare bones structure that only includes required materials. Ask yourself and others in your firm: “If you were the client and that is all you received, would you be satisfied as a client in the relationship?” If the answer is no, start to brainstorm ideas on how to engage clients in a way that is genuine and captivating, and that fosters the type of client-advisor relationship that it is your goal to provide.

Editor's Note: Redtail University 2020 is tool- and building-themed. In our CRM Toolkit Series 2020 we
look forward to sharing some of the ways that you can use Redtail in your office to accomplish 
specific tasks or tackle common processes. Below, Hayley Mandrup, one of Redtail’s Subject 
Matter Experts, kicks this series off with an introductory piece about the importance of choosing your
tools wisely, adopting them purposefully, and learning to use them well. Future posts in this series 
will tackle CRM-specific features and functions you can employ to make your everyday working lives 
easier and more productive.

When I was a kid, I frequently found myself on construction sites. My dad was a construction worker, and we didn’t have childcare, so I would either do homework or help him after school. As a novice user of tools, I found that by turning a hammer sideways I missed the nail less frequently because the greater surface area increased my odds of hitting the nail.

Still, I was using the tool wrong. I did not invest my time in practicing the right way and, as a result, the overall task went much slower than if I had invested time upfront in learning the tool’s proper function.

Working with advisory offices, I often see a few common misconceptions: “the tool provides all the answers”, “the tool increases efficiency”, “the tool creates collaboration”. When, in reality, the tool has the ability to provide the answers. The tool empowers office members to be efficient. The tool makes it easy to collaborate.

One thing that all the new softwares, tools, subscriptions, etc., don’t have that the people in your office hopefully do is motivation. So, ask yourself this; “Is my office effectively utilizing our existing tech solutions?” If the answer is no, start to evaluate if enough time and effort have been invested in teaching them 1) why they should be using a given tool, and 2) how to use it effectively.

As I was thinking about the above, I jotted down a quick list of the technologies I manually check or receive alerts from each morning prior to my workday even beginning:

• Work email on iPhone
• Personal email on Gmail
• Home to-do items in Todoist
• Twitter for work
• Personal Facebook
• The dog’s Instagram account (@RedtailMalcolm)
• Slack for work communication
• Redtail App for work calendar. (Or, our Retriever Cloud tool syncs the calendar to the native calendar on my phone as well)
• Adjust the Nest thermostat to turn the house on eco-mode for the day
• Check Ring for any alerts throughout the night
• Login to Mint for budget management

There are many more technologies I use throughout the day, and each provides organization and/or time management assistance. But, I didn’t wake up one day and download all these systems. They gradually ended up in my tech stack. And, each one went through an implementation phase before I could claim a symbiotic relationship with the tool.

LEAN INTO THE LEARNING CURVE

Technology shouldn’t be adopted for technology’s sake. The first principle when considering adoption of any technology should be assessing if it has the potential to address challenges that you are facing. After clearing that hurdle, a conscious decision to learn the tool’s capabilities and limitations is vital. Using a new piece of technology is the same as starting a new habit. Use a reminder system that already works for you to get started. This could be as commonplace as a sticky-note on the bottom of your computer monitor or a time-block on your calendar to dedicate to learning the system.

There will also likely be a transition phase – and this is okay! Every journey begins with one step, and accepting that there will be setbacks is all part of moving forward. With any project, break down the goals into measurables. The first goal is to learn the system, then add information to it and get comfortable within the technology. Then, make using it part of your every day, or part of a regular routine. Once this is done, begin to phase out the older process (if there was one).

CRM, like other technologies, is a tool. And, if the hammer is turned sideways, and nobody knows what they’re using it for anyway, you won’t reap the same rewards in terms of adoption or efficiency. So where should you start? First, if your office does not have a CRM, start comparing the industry options. If you have a CRM, evaluate whether it is currently meeting your needs. An important question to ask at this step: “Are any issues I am having with the tool itself, or rather that I am using the tool incorrectly?”. Training and help resources are available through most companies to help you accomplish your goals with their services. Redtail offers many avenues for assistance with Redtail CRM or our other industry solutions. After all, your success in using our platform translates to our success as well!

Over the course of our Redtail CRM Toolkit 2020 Series, we hope to be able to provide you with a ton of actionable insight into the many different ways that Redtail can help you address challenges in your business in 2020 and beyond.