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Are you a professional who wants to:
  • Consistently attract and retain great clients?
  • Run a more efficient and profitable practice?
  • Elevate the client experience?
  • Drive enterprise value?
  • Deploy a scalable growth model?
  • Create a panoramic branding strategy?
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Pareto Systems is a consulting firm dedicated to knowledge-for-profit professionals. Our practice management and relationship management programs are ideally suited for:
  • Financial Professionals
  • Insurance Specialists
  • Estate Planning Attorneys
  • Accounting Professionals
  • Trust Specialists
  • Wholesalers
  • All knowledge-for-profit professionals
World Map
2020-01-16 • 5 minute video

Create professional contrast with stewardship, not salesmanship. Don’t try to be all things to all people, but all things to some people. Demystify your value and let people come to their own conclusions.

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2020-01-15 • 20 second read

For many advisors, nowhere in their onboarding process does a new client need to convince the advisor that there is a good fit. It’s the advisor doing all the convincing and, in the process, their salesmanship is actually undermining the lifetime value of the relationship.

The advisor cannot be the only one who gets excited when a new relationship is formed. The client has to have a sense of accomplishment, too.

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2020-01-14 • 5 minute read

Why do people refer a professional to their friends, family, or people in their inner circle? Usually when I am discussing this topic with Financial Advisors, invariably the answer the Advisors come up with is that “they want to help that person.”

I don’t deny that this is probably true, but our belief is that the motivation is more ‘selfish’ on the part of the person that is referring. Yes, they want to help their friend or family member etc., but ultimately they want to hear back from that person, and they want to hear validation about the recommendation in question. That is true whether or not it is a Financial Advisor they referred, or a good book, or even a terrific bottle of wine.

Just as giving to charity makes us feel good inside, having someone come back to us and say: “Thanks so much for introducing me to John, he is a true professional” or “That book you recommended was amazing, thanks,” go a long way to validating the choices we have made in our own lives. We want to share the special things we have discovered. Put simply, when we get the positive feedback at the end, it feels great. We are also doing a good deed in the process, so let’s call it ‘enlightened self-interest.’

I mention all this because when someone has just signed on with a new Advisor, the new client’s propensity to refer that same Advisor to someone else is at its highest right at the very beginning. That said, this last fact is entirely dependent on the Advisor’s process for how that client was brought on at the beginning.

Did the Advisor use an agenda when we had our first meeting? Or did he take notes on a legal pad? Was there a pre-appointment process that made me feel I was heading into something special before I even met with the Advisor? Or did he see me within two days of the initial contact, projecting absolutely no scarcity in the process? When the papers were signed, what happened then? Did the Advisor just move on the next conquest, or was there a New Client Welcome Process that continued to validate my decision to work with that advisor?

All these things in concert with one another create an experience that makes people want to share the experience with someone else, and right off the bat too. If the Advisor is consistent with all of those things, and the person that I refer has the exact same experience that I did, I know that person will come back to me, and they will say:

“Wow, it was just like you said. I wish I had done that five years ago.”

Of course that makes me feel special, and the feeling I get is that I want to do it all over again with another friend so I can get that same emotional payoff. Better yet, now I am even more assured of the Advisor’s consistency because of the feedback I received. As a result, I am even more confident about referring someone else!

Examine your process for taking on a new client. Is it memorable? Would you refer someone into your process? Would you be confident that you would get glowing feedback from the person you sent there? These questions and answers have huge implications as to the number of referrals you receive.

If you don’t have a pre-appointment process, start one. Make it good and stick to it; you know; just how the dentist does it. Send out a letter, an Introductory Kit perhaps, and then make a courtesy call the day before the appointment as a reminder.

If you are not using agendas, start! Decide on a nice Welcome Gift that is sent out when all the paperwork is signed, and then be consistent with it. Also, when selecting an appropriate welcome gift, don’t pick something that looks like you walked approximately 20 feet down to the company gift shop. Make it seem as if there was some effort, and that will reflect that you genuinely value your new relationship with that person.

From what I have seen in my experience, this type of attention is so rare in today’s business world, that if you decide to get serious about some of the things I am discussing (hopefully all of them), people will be referring you all over the place. When you exceed someone’s expectations, not only will they contrast it with their prior experiences, they will tell others. It is basic human nature, and we all do it. Continued Success!

Contributed by: Duncan MacPherson

2020-01-14 • 4 minute video

Convert your clients to advocates and constantly refine and optimize what you do in your business to increase your refer-ability and take your business to the next level.

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2020-01-13 • 20 second read

The office experience you create is an extension of your personal branding. It helps clients connect with you on a deeper level. Consistent service, expectation management and performance will always be primary factors when it comes to long-term relationships, but there are many other factors you can utilize to help insulate your relationships from the things outside your control. How clients feel about you, especially when they meet with you in your office, contributes to their sense of belonging, which can contribute greatly to refer-ability.

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2020-01-10 • 20 second read

Consultants focus on the lifetime value of a relationship. You are in the relationship business as much as you are in the field noted on your business card. Use tangible tools as a symbol of your professionalism and as an extension of your brand, and your results will be outstanding.

Learn more about using tangible tools, visit: https://www.paretosystems.com/concierge.html

2020-01-09 • 5 minute video

A discussion on the cause and effect dynamic of Key Performance Indicators and how you can use them to competitor-proof and provide exceptional service to your top clients.

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2020-01-08 • 20 second read

An ideal client doesn’t think of you as a basket and one that does isn’t empowering you fully to deliver the best results. An ideal client and advocate thinks of you as someone who liberates them to go live their life. If a customer isn't prepared to take your advice, perhaps you're doing them a disservice by keeping them and you should introduce them to someone else whose advice they will take?

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2020-01-07 • 3 minute read

Take a moment to think back to the last time you stumbled upon a fabulous idea. Maybe this new concept was about your financial practice or maybe it had more of a domestic spin to it. Regardless of the idea, the all-important question is whether you followed through with your plan. I would bet that you achieved some of your initial goal but that your progress stalled somewhere down the line.

What happened? Was it that you were too busy to get your idea off the ground? Perhaps there was a major change in your life that had you side-tracked. Regardless of the specific details causing you to leave your plan unfinished, your inactivity can be attributed to the “Law of Diminishing Intent.”

In simple terms, the Law of Diminishing Intent states that when it comes to finishing a task that seems absolutely crucial at one moment, our motivation wanes at about the same rate as the task’s significance in relation to other aspects of our life and business. This is largely due to the fact that the emotion associated with the action dwindles, causing the motivation required to finish the project to fade.

A classic example of the Law of Diminishing Intent unfolds every year on New Year’s Day. January 1st is a time of new beginnings. On this day, we are highly motivated to put negative thoughts, habits, or character flaws behind us. We commit to change and dutifully begin to follow our resolutions. Perhaps we start a new exercise regime, decide to establish a new work ethic or to implement organizational plan. Despite these good ideas, the rest of our lives eventually get in the way and we fall back into our old routine a few months (or weeks or even days!) later. When it’s all said and done, we chalk it up to a good try and resume our old ways.

What does it take to move forward with a new plan -- to make sure nothing stands in the way of our success? When you decide you want to start something new, be sure to ask yourself whether you really want to accomplish your goal in the first place. It is possible that, subconsciously, you are sabotaging your success even before you start. It could be that in the back of your mind, you might already know that you don’t have the infrastructure in place to maintain your success once the task is completed. The first thing you must determine is whether you have what it takes to finish such a task. You also need to identify whether the result will ultimately improve your situation.

Consider, for example, that you decide it’s time to take the bull by the horns and do everything you can to grow your business. You resolve that the easiest way to increase your assets under management is to multiply your number of introductions. However, in the back of your mind you are not sure how to handle an influx of business. You’re already running at maximum and are a little nervous about the outcome of more business. Chances are that because you are a little wary of the outcome of your plan, you are not going to give this new resolution the energy it requires for completion.

Once you have decided that your goal is indeed one you want to achieve, it is imperative that you take action right away. You need to get the ball rolling while you are still excited and motivated; before your attention is drawn to different areas. The sooner you put your plan into action, the more likely you are to achieve your goals.

It also makes sense to start your quest in logical order to make sure everything runs smoothly every step of the way. In the example above, before increasing your number of clients, it would be wise to implement ways to handle the new business.

So to avoid the losses associated with the Law of Diminishing Intent, make sure to take action right away. Decide that the goal is one you want to achieve. Then look at your plan logically and confirm that you are pursuing your goals in the best order. And establish milestones so that you can mark your progress and remain motivated to reach your goal.

Continued Success!

Contributed by Duncan MacPherson

2020-01-07 • 5 minute video

A discussion on leveraging the mentor/protege team dynamic to elevate the client experience.

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