Many adviser propositions are built around assumptions. Assumptions about what clients want/need and the even more dangerous assumption that they value what they currently get (and most likely have always got!)
This can result in shortcomings within your client proposition and the actual services that clients genuinely value and potentially client defections.
Providing clients with services they want and value will increase their “loyalty” and propensity to refer and also give you greater control over pricing.
Providing them with services they don’t want or value is a complete waste of resources (time, effort, energy, money, people).
On the other hand, failing to provide them with services that they want and value, is likely to see them finding another adviser (who does) pretty swiftly.
So, how do you find out what your “ideal clients” need want and value? Ask them! Radical perhaps, but worth a try. Invite half a dozen top end clients to your office (rent a hotel room if you work from home, it will be the best money you’ve ever spent). Put on a few nibbles or some cheese and a glass of wine and hold a discussion around three questions…
1. What 3 things do you value most about what we do for you?
2. What do we do for you that you don’t value at all?
3. What would you like us to do for you that we aren’t currently providing?
If you think that clients won’t be “open” in a group environment, meet with them individually over coffee or lunch, purely to ask these 3 questions. Listen carefully to what they say. Drill down into their answers.
Send them a hand written “Thank You” note and take time out after the exercise to refine your client proposition to incorporate or remove elements based on the feedback they gave you. Get back to them once you’ve done that so that they can see that you’ve taken their feedback seriously.
Your proposition will be much more compelling as a result and your most valuable clients will be delighted, just because you asked.