One reason wealth advisors use segmentation to divide their book of business is to track client service levels. Advisors have different service levels for each tier of clients. Some advisors have a very planning-centric practice with many subjects they can discuss with their clients in depth — and not just in an annual meeting, but in targeted consultations at different times throughout the year. They may discuss just one subject in each meeting. The subjects vary depending on the type of client and the segment the client is in. Some subjects, like taxes, apply to all levels, but perhaps only high net worth clients need advanced estate planning.
These multiple planning subjects came into play for a particular ShellBlack client that was migrating their CRM to Salesforce from Junxure. They wanted to keep track of which clients they discussed each topic with, as well as when the discussions took place. The solution that the consultant devised was to use a custom object called Services. There are five planning subject areas, and all the topics are listed on a page under the Subject area. Popup help boxes briefly define each topic, and checkboxes make it easy for advisors to select the topic to be discussed at the meeting and then fill in the information needed. Frequency is selected, which automatically calculates when the next meeting on this subject should be held. Advisors then enter the Subject, Household, Status, and Service Date.
Click Save, and you have a new service record.
Click on the Services Name and open the service record. This is where any notes on the meeting are entered and where cases for service are generated. It is easy to come here before, during, or after a meeting and start a case for meeting prep that is sent to the customer service staff, or an investment analysis that is sent to the investment team. After a meeting, the post-meeting notes are entered and documents are attached in the Files section.
By tracking these topics, you can easily tell when or if specific topics were discussed and when the next meeting on that topic should occur. The Service & Activity Rollups section keeps track of when the last review meeting was held in that subject area. When their advisor is planning the next meeting they can see what needs to be discussed by the last meeting date.
According to the client’s service level, you can also see if a subject area that isn’t in their level has been discussed — which may prompt a conversation to ensure the advisor is addressing appropriate subjects with each client.
Tracking client service is important for managing an advisor’s time. Talk to ShellBlack about tracking services for your clients.
Author Credit:
Lisa Kilmer CFP© Salesforce Consultant at ShellBlack.com
Content Contributed by:
Brent Downey Director of Delivery at ShellBlack.com