Welcome everybody! Welcome to the 449th episode of the Monetary Advisor Success Podcast!
My visitor on at present’s podcast is Michelle Perry Higgins. Michelle is a principal of California Monetary Advisors, an RIA based mostly in San Ramon, California, that oversees $2 billion in property underneath administration for about 1,500 shopper households.
What’s distinctive about Michelle, although, is how her agency has grown to $2 billion of AUM totally organically and has achieved a better than 99% shopper retention charge, partly by setting excessive requirements for shopper service (and sticking to them over time).
On this episode, we speak in-depth about how Michelle prioritizes her purchasers’ time (guaranteeing they by no means wait greater than 5 minutes for a gathering and at all times obtain a same-day name again once they contact the workplace), how Michelle created what she calls an “All the things Binder” that permits purchasers to place all of their key data in a single place (offering purchasers with peace of thoughts by easing the transition for family members if the shopper turns into incapacitated or passes away), and the way Michelle builds a half hour into her schedule after shopper conferences to document notes into her CRM in order that she does not overlook any vital messages the shopper communicated throughout their dialog.
We additionally speak about how Michelle has achieved robust shopper satisfaction by spending the vast majority of time throughout conferences listening to what they need to say (and avoiding jargon when it comes time for her to debate technical planning matters), how Michelle seeks to go a stage deeper when speaking to purchasers about their private lives (for instance, not simply asking about the place they went on trip but additionally whether or not they had any cash conflicts through the journey), and the way Michelle ends every shopper assembly by asking whether or not there are any points the shopper desires to speak by means of (which can or might not be financial-related and helps her gauge their satisfaction together with her service).
And be sure to take heed to the tip, the place Michelle shares how she has constructed California Monetary Advisors with three of her companions over the course of 30-plus years (and why they preserve an “eat what you kill” method in direction of compensation), how Michelle has discovered important worth from working an internship program (each professionally by figuring out gifted college students who might turn out to be the subsequent technology of advisors at her agency, and personally by having the ability to mentor aspiring advisors), and the way Michelle has navigated the challenges of being profitable as a monetary advisor and as a mum or dad on the similar time (together with the thrill she’s had and the sacrifices she’s made alongside the best way).
So, whether or not you are concerned about studying about setting and sustaining excessive shopper service requirements, fostering deeper shopper conversations, or making a partnership final over a number of a long time, then we hope you get pleasure from this episode of the Monetary Advisor Success podcast, with Michelle Perry Higgins.