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Professionalizing every aspect of your business – from your agendas to your onboarding process to your office itself – and infusing each element with your brand, governed by replicable process, is the key to moving from the business running you, to you running the business.
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.
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.
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.
In Palm Springs for a Mastermind session along with Steve Phillips with The Advisor Protocol. Really enjoy the peer sharing with a great group of fee-for-service professionals discussing best practices for client acquisition, optimizing efficiency and scalable growth.
"On a personal level, what I love about coaching is helping people to define and then achieve their goals. To me, nothing is more professionally rewarding." Scott Hamilton
Scott Hamilton was recently interviewed about his role as a coach and Pareto Systems Consultant. Here is a portion of that interview.
How did you get started in the financial coaching business?
I’ve been working with financial planners and advisors for most of my career. First as an estate planning attorney and then as a financial advisor and life insurance provider to high net worth ($25M+) clients throughout the country. I considered coaching a big part of my job. I would work side by side with advisors to help them demonstrate capability in the high net worth market.
What made you pick Pareto Systems as a consulting process?
When I practiced law, I was a client of Pareto Systems. Maybe not the best student they ever had.
But a few years ago, I reconnected with Duncan MacPherson and Pareto and I was immediately attracted to the platform and the process. The tools they have are phenomenal. I was looking for a career change and just felt that Pareto was the right choice. Time has only made my commitment to the Pareto Systems program stronger.
Who are your ideal coaching clients?
My current clients include solo advisors with $100M under management all the way to complex teams with over multiple billions under management.
Like we preach in Pareto Systems, my ideal client is a triple A client. They have a successful business and they want to see that business get even better. But they also want to make sure that they have time for family, friends and community. They are great people to work with. Constantly learning, looking for improvements. Willing to listen to advice and even more ready to execute. On top of that, they are advocates for me and for Pareto Systems. They don’t introduce me to their colleagues to help me grow my business. They introduce me to their colleagues because they know that we can help.
What trends are you seeing in the industry?
What I see over and over is that advisors want to drive more profitability and process in their businesses and want to have more control over their personal destiny. Of course, growth is a hot topic today. And I see many advisors considering a change from a wirehouse-based operation to an independent regime.
Pareto systems allows the flexibility to coach on these business issues as they arise.
What is your favorite thing about coaching?
On a personal level, what I love about coaching is helping people to define and then achieve their goals. To me, nothing is more professionally rewarding.
Pareto Systems focuses on the importance of FORM. Tells us a little FORM information about you.
For those who don’t know, FORM is an acronym for Family, Occupation, Recreation and Money. It’s based on the concept that as advisors, we need to know as much as we can about the first three areas for our most important clients before we can focus on the money.
In my case, I am married to Kim Hamilton for over 34 years. Kim is a successful business owner and together we have 4 adult children and 3 grandkids. In my free time, I play guitar and sing in a country music band here in Chicago.
If it is to be, it is up to me. In this episode, Duncan suggests the best way to take care of a team, and a community of clients, is to take full responsibility for the outcome of our decisions.
Put Pareto in your pocket, download the Pareto Systems App: www.paretosystems.com
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
A personal branding strategy helps people connect with you on a deeper level. The firm you represent has its own brand, but you need to build a brand within that brand. This adds credibility to your overall brand, but people are connecting with you, the messenger, not just your message in terms of solutions, products or rates of return.
Learn how to refine your branding with our Total Client Engagement Process: https://www.paretosystems.com/total-client-engagement.html
