How and Why You Should Manage Your Client's Team

The professionals who hold documents and information necessary to complete in-depth analyses and develop a comprehensive financial plan make up your client’s “team.” These unofficial but highly important “teammates” can include the client’s CPA, attorney, life and health insurance agents, bankers, 401(k) or employee benefits administrator, and others.

Are you confident in your ability to access and communicate with these individuals in a way that streamlines processes and maximizes productivity across existing and prospective client initiatives?  

Wrangling members of the client’s team, securing their cooperation, and inspiring a sense of urgency to obtain what you need quickly requires management skills, leadership ability, and often a bit of finesse, wit and charm. Facilitating communication with the “team” can be time consuming and frustrating, and many financial advisors leave this responsibility to the client. While there’s nothing inherently wrong with this, advisors who assume team management responsibilities can minimize potential delays and maximize efficiency during efforts that require cooperation and collaboration with these professionals.  

When Clients are Middlemen, Delays Happen

Leaving management and communication duties to the client can result in potential miscommunications, slower scheduling, and a possibility of the client’s team members feeling that their services are being threatened. Clients should not have to justify their decision to work with an advisor, nor should they have to ask for a list of documents from members of their own team.

Minimizing these delays requires financial advisors to step into a management role, but this must be done with care and consideration. If a client is relieved of management responsibilities, the advisor must be able to step-in and communicate with the same level of expertise as the rest of the team.

To deeply understand a client’s team, each teammate’s individual role, and how to best manage this unique team, advisors would benefit from a comprehensive financial planning education. If you are going to take this role, make sure you're equipped with the skills and real world knowledge needed to handle even the most complex questions and advanced planning needs.

Communication is Key to Successful Practice Management

A thorough education in financial planning is just the beginning. Advisors must also be able to communicate with a client’s team cordially and clearly. Remember, making friends with these professionals can potentially add you to their referral base.

Always ask for their help and never dictate it. Exercise good manners but keep conversations focused and specific, remember that avoiding delays was the whole point of assuming a management role.

4 Elements to Keep Financial Planning Conversations Focused

Below are the top practice management tips for financial advisors to keep top of mind when having conversations with members of a client’s team. They will keep discussions focused and, more importantly, on schedule:

1. Openly answer any questions regarding your relationship with the client
2. Specify the exact documents that you require
3. Specify the date by which documents should be sent
4. Come to an agreement regarding a specific course of action if the documents are not received by a date consistent with the team member’s commitment

The fourth element is the most important of all. It is crucial to address any and all “what if” scenarios up front and develop possible solutions. If an attorney or CPA misses the agreed-upon document submission deadline, you should not have to second-guess your next steps. A well-educated financial advisor should be prepared to handle any situation that may arise confidently, and with fortitude.

A designation like the Chartered Financial Consultant® (ChFC®) can help you achieve a comprehensive understanding of who, when, and how you must communicate with your clients’ other financial team members, a skill that will quickly help you differentiate yourself from other FAs who haven't mastered this fine art. Learn how to further your financial planning career with an advanced designation like the ChFC® by reading “How the ChFC® Designation is Game Changing in Advancing Your Financial Planning Career.”