Are you using the services you pay for to their fullest potential? We weren’t either. That’s why we got rid of em.
One exercise we do at least two times a year is to reflect back over the previous 6 months, year, and 3 years to try and identify the things we did that gave us the best results.
We were recently forced to go through this exercise because we’re making a concerted effort to simplify the online tools we use. We started to see that we had too many services, apps, and software that we were not using to their full potential. So we ended up eliminating them and sticking with the ones that have given us the greatest result.
What we found was that there are 7 critical tools we use in our firm that have attributed to the success of our business over the last 3 years. These tools range from productivity, client service, risk management, prospecting, organization, and our favorite financial planning software.
Why we use it: To provide comprehensive planning and account aggregation for our clients
Up until a few years ago, advisors could get by if all they did was investment management. But if we want to be successful moving forward, we need to do a lot more than that for our clients.
Step one is to be able to provide comprehensive planning for our clients so that they see us as the go-to advisor for all the financial parts of their life. If we don’t do this, we’re gonna get left behind.
The best way we’ve found to do this was to introduce eMoney into our practice. We can now see there was a direct correlation between the growth of our business and the implementation of this platform.
Here are the 3 reasons I believe eMoney helped us make this growth happen;
- Account aggregation
- We started seeing accounts we never new existed. When clients saw all their accounts together, the natural progression was to move them over to us.
- We found eMoney is cleaner and easier to use than many of the other similar platforms
- Clients thought this too. They recognized the investment we made to help them organize and streamline their finances. And that made view us as the go-to advisor in their life.
- Decision Center
- This is a tool within eMoney that our clients had the greatest response to. This is the reason why eMoney stands out above all the rest. Clients are able to see the effect of the decisions they make today and how it changes their long term plan. You can make adjustments in the client meeting and see in real-time what happens. It gives clients great clarity and confidence into their future.
2. Calendly (Free)
Why we use it: To not waste time going back and forth to schedule a meeting.
Calendly allows you to schedule all your appointments without doing it yourself and without hiring an assistant.
We started using Calendly a few years ago after we identified that the back and forth of scheduling was taking up 10% of our week. Since that time, calendly has saved us hours of time each year
It plugs into your existing calendar and allows you to set the parameters of when people can set meetings with you. You can have multiple kinds of meetings meant for different people. Example: if you don’t want to spend a lot of time replying to wholesalers, you can send them the calendly link that allows them to pick from the available Fridays at 11am. Once that Friday gets booked, they have to find another Friday time slot at 11am.
It has a sleek look that’s intuitive for any user trying to set an appointment. We work with a lot of older clients and they haven’t had an issue with using this technology.
Quick note: We’ve found that it’s best not to send a Calendly link to a prospect to book a time. It can catch them off guard and sometimes can seem impersonal. But once they become a client and trust has been established, you can then show them how to book meetings with Calendly in the future.
Why we use it: To connect with prospects and clients when we can’t be in the same room.
A phone call can do the job most of the time but since 55% of communication is nonverbal, we found our conversations with out-of-state clients weren’t as good as they should be. That was the motivator behind using zoom.us.
This video chat service has helped us keep our client relationships strong even when we can’t make the drive or flight to them.
We have quite a few clients who have urgent requests and would really like to have a meeting with us, but due to their busy schedules, they can’t always find time. Zoom allows us to virtually get together so it feels like we’re in the same room and we can help them with whatever urgent matter they’re dealing with.
Here are 3 other things that Zoom does that have made virtual meetings great.
- Screen Share- you and your client can be looking at the same screen.
- Highlight and Draw- it also allows you to mark up your screen so that the client can follow along.
- Whiteboard- if you explain things in meetings using a whiteboard, zoom allows you to do that too.
It’s very simple and intuitive. We’ve tried virtually every screen share service out there and zoom has remained at the top of the list. It’s a free service so it may be worth a try to see if you would benefit from it.
Part 2 will wrap up the final 4 tools we use in our practice that have made the biggest impact in our firm. This will include the tool we use in our initial prospect meetings to really wow them get excited about being a client.