6 steps to take on a new type of client that doesn’t fit your ideal client profile

By AdviceBridge

Why take on a new type of client that doesn’t fit your ideal client profile?

There may be a number of reasons, but the current drive in technology has enabled firms to become more profitable with their smaller clients and presents an opportunity to target a new generation of clients using more digital solutions.

New clients can change the profile of your business, often for the better, but handling clients who differ from those you already have can present complexities that eat up time, so it’s important to get it right.

Instead of the more traditional approach to client service, where there may be little overlap between what you’re delivering, segment clients into multiple discrete types and develop an overarching service that meets the needs of all your clients.

Ideally, processes should be kept simple, yet fluid enough to allow you to easily adapt your service offering to meet the needs of multiple client types.

This strategy should help you deliver the level of service each client expects, while not being too time-consuming or complicated for you to handle.

For many advice firms, a change of strategy might be needed, especially if you haven’t previously worked to attract and onboard different client types.

Embracing the fluidity of automation will make it easy to adapt your service offering to every client.

If you want to start taking on a new type of client, here are six simple steps to help make it a seamless reality.

1. Review your current client service offerings

Review your service commitments that define exactly what you’re offering to existing clients.

Break it down to look at the level of service in terms of:

• Onboarding process
• Recommendations
• Reporting
• Reviews – annual or more often? Face-to-face or through video call?
• Ad hoc requests – is this all part of the service or do you charge?

2. Map out the processes

Review your whole process, without getting bogged down in too much detail. Note down the tasks, whether they are completed by a person or technology and jot down the estimated time and costs for each step.

Compare each against your charges/profit.

Right now, you’re simply trying to get an overview of your current processes so you can understand how it can be adapted to service a new type of client.

3. Identify blockages in the process

Once you’ve mapped out your processes, you should be able to pinpoint potential blockages that could prevent you from taking on a different client profile.

For example, providing cashflow analysis could make the cost to implement prohibitive.

If it’s a while since you reviewed your processes, you may find that you have been tolerating inefficiencies with your current client services. Don’t shy away from this fact – now is as good a time as any to resolve any issues that you find and make changes to increase efficiencies and streamline all your business processes.

4. Address these “prohibitive” blockages

Understand where the blockages are occurring. Know what elements would stop you widening your service as it would be too time-consuming or expensive and review how these could be improved.

For example, sometimes a task that is currently being carried out by a human can be done more efficiently with technology.

Read more: To automate or not to automate? Here’s what’s best left to technology

Taking time to solve these blockages and create efficient processes for handling your current profile of clients will make room for you to handle more, while also widening your ability to handle those with different profiles.

5. Build new processes for these clients

Where necessary, map out and build the new process needed for the new type of client you have in mind.

Step through the process and estimate the time and cost for each stage to ensure it will be profitable and create sustainable growth.

6. Review new processes against your current service offering

With a detailed understanding of your current service offering and the new process you have created (at least on paper) assess whether there is an opportunity to improve your current processes.

You may find that it’s possible to increase efficiencies in both time and cost by implementing part of the new process you have mapped out to adjust your current process.

Sometimes, short-term disruption can create huge wins. So, don’t miss the opportunity to improve what you thought was working if you find a better way.

If you are unable to see how you would create a new process or service offering profitably and efficiently then it may be worth engaging with firms like Organised You or Jigsaw Tree, who may be able to lend a hand.

However, it is often far simpler to adopt technology that will replace many of the processes, rather than trying to reinvent the wheel.

How AdviceBridge can help

The AdviceBridge platform is easy to implement and integrates seamlessly with existing software, significantly improving your business processes.

If you’re looking to take on a new client type and want to make your business more cost-efficient by automating some or all of the client advice journey, the AdviceBridge platform is great for maximising profits and meeting client expectations.

Find out more about our service and how we can help you by emailing us at hello@advicebridge.com, booking a demo, or calling 0203 925 3850.