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Strategic Client Onboarding and Enhancing Tax-Related Value · The Perfect RIA

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  Unknown: Hello TPR Nation. This is Amber Kuhn. Thank you for
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  joining me on today's follow up Friday where I'll be recapping
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  this week's highlights and action items. On Monday we were
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  sharing another sneak peek into one of our upcoming master
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  classes. Now during the sneak peek, Matt and Micah were
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  focused on the client onboarding process and how you need to do
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  certain stuff to get the results that you want. So first things
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  to consider whether you want to have a great prospect and client
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  onboarding process or would you rather experiment and just be
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  unsure of how it'll turn out? And of course they prefer that
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  you follow the process in a certain way in order to deliver
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  success yourself, your team in your clients. Remember that the
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  stakes here are your financial future and especially your
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  client's financial future. So if you're skipping the steps,
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  you're doing a massive disservice to your clients. Matt
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  and Micah shared the differences in their offices for their
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  client onboarding experience. That's not for his process. His
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  goal is to get them into the client rotation in normal Surge
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  rotation as quickly as possible. They'll do an onboarding meeting
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  and initiate transfers within the first two weeks depending on
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  his schedule. Within four weeks, they've gotten the transfers
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  that will move quickly. They discuss investments and they'll
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  work down the one page financial plan. So during that first year,
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  he wants to meet with them every calendar quarter until they can
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  be moved into a semi annual rotation. It's probably meet
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  they go through a dark quarters value add and work through the
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  one page financial plan. But that first year, not so that
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  they're critical things that need to happen and they're time
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  sensitive. And there are things that you can make progress on
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  deeper things that can be layered in with future meetings.
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  As I go through things that keep going back to that one page plan
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  and not only they cross things out that they taken care of, but
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  they point out things that will be an ongoing process, Matt said
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  that you need to approach this with a white glove experience.
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  So there's no expectation that the client will just figure
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  things out. Everyone has responded to with phone calls
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  and they understand that this is a huge deal. It's easy for
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  clients to have buyer's remorse. So he wants to do everything
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  that he can to resolve that. For Micah's process. He said it's
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  similar and a little more in depth. He said the number one
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  thing that's often missed is baking clients. So they always
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  send a welcome gift to new clients to their workplace. And
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  when they come in for their meetings, they recognize that
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  they can have concerns and they continue to think that now,
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  Micah has already planted the seeds for his five areas of
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  financial planning, state planning, risk management,
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  retirement income investments and taxes. Then he'll start
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  distinguishing how the meetings as a client will be different
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  and how they're going to be laser focused in their meeting,
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  focusing on one area, and then the client needs to always be up
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  for questions and concerns. His first meeting is focused on
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  estate planning. So even if the client has just completed their
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  estate documents prior to becoming a client, help remind
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  them that he's there to make sure that everything is correct
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  and in place and that nothing got missed. In that meeting, he
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  also wants to come with a net worth statement and a
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  beneficiary report if he has it. And this is where he's asking
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  what the client wants to take place. If something happens to
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  them. He's matching up the documents to make sure that
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  their wishes will be fulfilled. TPR listeners as a reminder
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  Monday's episode was a sneak peek into an upcoming
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  masterclass. So your action item for Monday is to email us at
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  lifestyle@theperfectria.com seat so you don't miss out on our
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  upcoming masterclass releases. On Thursday, Jamie was sharing a
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  project you can start working on from the information that you've
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  gotten from your spring Surge. She talked about how spring is
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  their biggest Surge because of the amount of information
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  they're getting from clients during this time. So everything
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  that clients are giving to their CPA, Jamie recommends that the
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  clients give to them as well. One of the things that they're
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  trying to be instrumental about at Shilanski and Associates with
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  their advisors is doing a 5 to 10 year tax plan. She said CPAs
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  are focused on what is fact today, but financial advisors
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  are focused on the what ifs, so they try to work hand in hand
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  with CPAs to bounce ideas and look at strategies for their
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  clients. Jamie said that they ask their clients to sign a
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  letter of authorization or copy of their draft return before
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  gets filed. With that LOA they can now go directly to the CPA
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  and get the information they need. Instead of asking the
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  client for it. It just makes it easier for the client. For this
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  she has her RMS get the Working Papers and draft return behind
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  the scenes. She's like anytime she can save a client one or two
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  steps she's going to take that action because first it makes
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  sure that things are getting done and it also provides
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  massive value to the client. So ultimately, they're getting the
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  tax return and she wants an executed version. She'll confirm
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  any payment that was needed or provide concierge level service
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  to help with any needs. She pointed out that for any client
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  that owes taxes, they'll get an estimated tax worksheet with
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  vouchers for estimated tax payments. From this Jamie shared
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  a low hanging value add that you can do that doesn't take a lot
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  of time. For them, if there's a client who has an estimated tax
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  payment, they'll flag it in their CRM for the summer
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  appointment. During that appointment, they'll mention if
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  it makes sense to update Social Security taxes that are withheld
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  or a couple of weeks prior to those estimated payments being
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  due they'll reach out to the client as a courtesy reminder
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  and offer to assist them. Jamie also talked about how the 1099
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  value add is impactful. She walked through how they do this
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  where we create a list of which companies a client should
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  receive a 1099, captured in their CRM, use a mail merge and
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  create a checklist for the blind. They're aware of which
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  ones we need to watch out for. The reason this is a big deal is
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  because this is an example of taking complex topics and making
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  it super simple for clients. Jamie went into the homework
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  sheet that all clients fill out and part of this includes their
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  taxable income and so they can focus on upcoming tax planning
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  strategy based upon what tax bracket they’re in. This becomes
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  incredibly powerful. So she recommends that with all
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  information you now have from your client you can now do
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  forward planning and outline over the summer what your value
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  adds will be either for this year or for next year. Let's get
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  an action items. Look at the value add options that Jamie
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  shared and then use the end of this tax season to plan your
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  value add and start doing the work now to set you up for
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  success with your clients later. Before we go to our nation if
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  you're looking for an opportunity to learn today in
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  person from that night. Be sure to join us this September. Live
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  in Arizona. Visit theperfectria.com/live for more
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  information and to save your spot. That wraps up this week's
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  recap thank you for joining me and please share it or any of
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  our episodes with another advisor or team member do you
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  think might benefit from listening and be sure to
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  subscribe to the perfect iPod? Don't miss an episode. Until
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  next time. Happy planning!