The Fact: Written service agreements were used by 30% of financial advisors in 2001.

The Implications: Financial advisors are formalizing the level of service that clients can expect during a typical year. This process assumes that advisors have determined a service level that is profitable and are willing to be held accountable for delivery. In the long run, this trend will force advisors to articulate the value they bring to clients and provide clients with a more objective means to evaluate that value.

The Idea: Create a two-way service agreement that maps out what clients can expect from your team and, in turn, what you expect from your clients. Include all aspects of the value that you bring to the client relationship, including direct contact, availability, team, educational opportunities, communications and service standards. Don’t hesitate to map out your expectations of your clients with respect to sharing information on their financial situation or attending meetings.

The Next Step: The Business Success Kit provides you with the tips, tools and templates that you’ll need to enhance practice productivity and profitability. It’s the most practical and comprehensive guidebook available for financial advisors. For more information, visit www.caifastore.com and click on the Business Success Kit.