Exceptional client service shouldn’t depend on remembering every detail about how to onboard or communicate with clients. Strong, repeatable processes can help financial advisors deliver a consistently great experience while making their businesses more efficient in all areas.
The idea of tackling process management may not be something you often do, so it may feel daunting. Yet business processes, at their core, are simple, practical, repeatable steps, much like a script or road map for your business.
Some key areas of your business that benefit from enhanced business processes include client prospecting, client onboarding. service and appreciation.
Improving your processes
You can find a detailed guide for creating better processes in an MDRT on-demand course, free to members, called Improving efficiency with process management. Once you complete this approximately one-hour course, you’ll be able to:
- Develop workflow processes to improve efficiency.
- Examine how technology can optimize your workflows.
- Determine when and how to revise existing workflows.
Here’s one example of how you might use AI to improve a process, which is excerpted from the online course.
Case study: AI notetaking process
Many MDRT members are using AI to record, transcribe and summarize their meetings, with client permission.
Workflow example:
- Original workflow: Take notes during client meetings. Compile and organize notes after the meeting. Craft a follow-up email to the client summarizing your meeting.
- New workflow: Save the transcription and review the AI summary for accuracy. Make any necessary edits, and send a copy of the summary to your client.
After the meeting, summaries can be sent to clients. This approach also helps with compliance, making certain that nothing is lost in translation during client discussions and agreements. By using this technology, you can focus entirely on your client during meetings, rather than multitasking or having someone else take notes on your behalf. Keep in mind that you always need to verify accuracy with AI.
Efficient processes can help your practice
While it may feel outside of your scope and a long distance from your comfort zone, refining your business process is worth the effort. Each improved process can help you:
- Deliver more consistent, high-quality client service.
- Increase productivity and control costs.
- Adapt more easily when circumstances change.
- Support security and compliance.
- Create client experiences that encourage referrals.
Furthermore, you don’t need to overhaul your entire business at once. Start with one process that regularly creates extra work or an inconsistent client experience. Improving that workflow can show you what’s possible elsewhere in your practice.
Ready to start? Take the MDRT on-demand course Improving efficiency with process management, free for MDRT members.
For more resources
- Visit MDRT Learn, which has more than 20 on-demand courses for members, with additional courses in development. Each module provides an actionable guide to increasing productivity.
- Read Creating client advocates and more referrals to learn about the MDRT on-demand course Delivering exceptional client experiences.
