As I’m sitting at my computer listening to a heavy snow storm outside and looking at my computer screen, it’s buffering an image. Normally the item would propagate in less than a second, but it takes FOUR, and it’s the longest four seconds of my life.
We live in the world where everything is now almost instantaneous; at least, that’s our expectation. While I know the storm is the cause, I can’t help mentally to say out loud, “Come on, XYZ Company; load it.” We all expect so much from our systems and providers, that when they don’t do something well, or worse, don’t do it at all, it feels like we should question whether or not we’re making the right choices when we choose to do business with them. Your clients, unfortunately, may be experiencing that same “buffering feeling” from you, because they desire or expect tax and accounting services as a convenience from you in addition to your handling their financial affairs.
If you refer them to someone outside your offices but don’t control the experience, you may be putting yourself at risk for at least being “shopped” or replaced as well, so your quandary now is how do you say yes to every client’s demand especially in accounting and tax, and not over staff, overspend or over work? “We need estate planning, we need bill paying services, we need other services from you, financial planner.” The problem is, perhaps you don’t currently have the bandwidth to actually provide those requests, and have the experience packaged and concise.
The answer to these problems is learning how to outsource properly using the latest technology and best business practices combined together and replace the old fashioned ways of outsourcing. Making a referral recommendation correctly is keeping control of the client experience and process that takes place once they leave your office. The right way to address your client when they inquire about your taking over these services is to be able to reply, “Your new accountant representative for taxes will be John and your new write up team will be Kathy and Carol. I will simply need a little additional information in order to accomplish that, but of course, the answer is yes! Here is one additional form (we will e-mail you this as well) and let’s set a transmission date together now.”
The form only asks the additional bits of information that are going to be asked when referred internally though Cloud Technologies, to that outside provider. That form does not ask name again, and doesn’t ask address and Social Security number again, and doesn’t ask the names of your children again because you already collected that information long ago and refresh it at annual reviews at a minimum.
For you to “Load well” in the mind of the client and not “Buffer,” the experience needs to be concise, the additional paperwork minimal, and the additional team members stellar and responsive.
Providing those additional services becomes a true value proposition on both sides of the table; your and theirs. It also gives you the ability to review ongoing information being shared with that service provider that is of great value to your own decision making when it comes to doing your core service and analyzing their selecting of financial tools.
Any advisor in today’s instantaneous universe is likely to find themselves on the bad side of a Tweet (that can go viral instantly) when they don’t provide the family office experience and provide them in the right way. Cloud technologies can make keeping and sharing this information seamlessly, but it’s the thought process of how you do what you dot that matters. You have to take the responsibility for being the family coach, the quarterback and have a concise process for saying yes.
You’re Welcome!
The Tax “What if” Dr;-)