When it comes to integrating a recently purchased book of business into your client roster, planning is key.
If you are not properly organized when merging two practices, says April-Lynn Levitt, a coach with the Personal Coach in Calgary, you risk becoming reactive rather than proactive in handling problems. This lack of preparation can make the process overwhelming for you and your team.
Yesterday’s BYB Daily article looked at how to plan with your team the next steps after buying a book of business. Here are some tips on actions you need to take in order to retain clients after the transition:
> Segment your new clients
Work with your team to decide where your new clients fit into your business.
Segment and prioritize your new clients, says Joanne Ferguson, president, consultant and coach of Advisor Pathways Inc. in Toronto. Identify clients who may be at risk to leave the business a well as those you believe will best fit into your current business model.
> Meet with clients
As soon as possible, introduce yourself to your new clients.
The best approach is to meet face-to-face with each client, says Levitt. If that’s not possible (because of the size of the book), try to meet with at least your top clients.
Reach out to your remaining clients by telephone.
> Explain your business
Outline your services and procedures to new clients.
In your first meeting, explain what they can expect, your services and fees and who to talk to on your team for different situations, says Levitt. Communicate clearly what’s going on with the transition and how it will affect them.
As well, emphasize to clients how you can add to their current service level, she says. For example, if the clients have never had a full financial plan before, offer to arrange a time to go through the process with them.
> Talk to COIs
It’s not only clients that you want to contact when you buy a book of business.
Reach out both to your centres of influence and to those of the exiting advisor, says Ferguson. Let them know that you are the new advisor for these clients and emphasize what is similar between your business and that of the exiting advisor, such as your philosophies, processes or experiences.
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