Why it’s important to adopt a strategic approach to building client service plans

Mar 24, 2018

Employing a strategic approach to servicing your plans can help you manage your time more efficiently and allow you to focus on increasing your business. However, getting started isn’t always easy. Here are three steps that can help you do just that:

  1. Define your value proposition

    You need to have a clear understanding of the value you provide to clients that will set you apart from the competition. In other words:

    • Where do you want to play?

    • What services should you be providing?

    • Why should clients choose you for these services?

    • Why should they continue to work with you?

    A meaningful value proposition should answer these questions. It will enable you to identify which services you perform well, which services you should focus on providing, and for which clients.

  2. Better understand your clients’ needs and group them into segments

    With a clearly defined value proposition, you should have a better understanding of how your clients benefit from working with you. However, depending on the needs of each of your clients and sizes of their plans, a different subset of these services may be appropriate for each. For example, professional services firms may need more help with plan design, whereas small businesses with less assets may seek more hands-on retirement readiness support.

    Once you develop a clear understanding of the needs of your clients and segment them into appropriate groups, you can begin to deliver effectively on your value proposition. Specifically, you develop a consistent experience that is truly addressing what is important to your clients and best showcases your value.

  3. Build service plans that are consistent with your value proposition and each client’s needs

    Once you are confident about your value proposition and recognize your client segments and needs, your next step is to build a service plan for each of these clients.

    A service plan will help you clearly document the value you bring as a financial representative by listing and delivering the service activities that meet the plan’s goals and objectives and align with your value proposition.

    An advantage you now have is that because you defined your client segments and grouped together those with common needs, you can simplify your work effort and create a standard service plan for each of the segments, rather than tackling the task plan-by-plan.

    By formalizing these activities into actual service plans, you will be able to:

    • develop a standard service plan for each of the client segments you defined,

    • document your calendar of activities, and

    • share it with your clients.

    Following this approach can help you manage your time more efficiently and allow you to focus on increasing your business opportunities.

These steps can help you simplify 401(k) plan management; finding you extra time while also allowing you to demonstrate ongoing value to your clients. To learn more about how we can help you successfully manage your plans, contact your local John Hancock Representative.

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These articles are not an edorsement of any particular product, service or orginization; nor are they intended to provide financial, tax or legal advice. They are intended to promote awareness and are for educational purposes only.