If you have used the public rail systems in a major metropolitan city like New York or London, you’ve probably noticed the giant signs (and corresponding tourist merchandise) telling you to “Mind the Gap.” Following that simple advice helps keep you from getting a foot caught in that small space between a train and platform, and subsequently keeps you safe from falling on your face or worse. Over the past decade, the daily distractions in our lives have grown exponentially and we need these simple reminders now more than ever to help keep us focused.
One of the more recent distractions in our industry is the U.S. Department of Labor’s (DOL) Fiduciary Rule, which still has many advisors wondering how it might affect their business. Regardless of the uncertainty, one thing is clear: A new client engagement standard has been set.
Your ability to attract and retain high-net-worth clients depends on more than just the wealth-management strategy you employ. Equally important is your capacity to provide an exceptional, highly personalized level of service and recognition that reflects the sophistication of both your business and your best clients.
We have facilitated and mediated thousands of consultations across the country and, the good news is, we have found that a majority of advisors already act in the best interests of their clients and fulfill their role as a trusted advisor in the lives of their clients. However, what we have also seen is that, much like the gap on a subway platform may be a tripping point for a rider, a gap in process and documentation is likely to be a tripping point for advisors.
To help advisors mind that gap, our CEO Advisor Institute has created a “Client Engagement Toolkit” that guides you and your team through the client lifecycle of the families you serve, from a prospect to a fully engaged client. We go much deeper than the DOL’s fiduciary standards and provide you with the framework for a unique and differentiated service model that helps create bulletproof relationships and insulate your best clients from the competition.
Our four-step process, complete with tools and checklists, helps you ensure that all DOL Fiduciary Rule requirements are not only covered, but actually documented, implemented, and tracked. This not only helps you check the regulatory box, it can also significantly enhance the quality of relationships, both inside your book and your team.
In addition to our Client Engagement Toolkit, we also offer a consultation with one of our team members to discuss your practice. Click here to request a consultation.
You can also access the toolkit and the rest of the CEO Advisor Institute’s interactive tools and resources by downloading the free CEO Advisor Institute App, which is available on the Apple iPad and iPhone by searching for CEO Advisor Institute in the App store or going to oppfunds.com/CEOApp.
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