Streamlined processes, proactive communication, and personalised engagement can drive client loyalty and elevate an advice business, according to Craig Palfrey, founder and managing director of Cardiff-based Penguin.
Speaking at the Personal Finance Society’s Duty Bound conference today (November 2), held at the International Convention Centre in Wales, Palfrey outlined 10 strategies for refining financial practice and delivering “celebrity-level service”.
The 10 points are:
- Speak, speak, speak
- Create your own briefings
- Control the journey
- Next Gen workshop
- Family meetings
- Give it away for free
- Copy, copy, copy
- Communicate, communicate, communicate
- Be prepared - forward planning meeting
- Help the kids some more
Palfrey explained that going to care homes, speaking to their children and having one on one conversations, offers a great deal of opportunity to do one small thing within financial planning.
“Additionally, make sure at some point you have a slide talking about the importance of making a will,” he said.
“As much as we want to talk about all the good stuff that we do, we just need to get on something tangible that they can take away.”
For his second point, Palfrey explained that the simplest, easiest thing to do is to teach clients about something.
Creating briefings are a great way to explain a topic to clients, he said.
“We just ran one a couple weeks ago on common mistakes in wills, we’ve done one on the annual allowance and we’re going to add one to demystify pensions.”
Control the journey
Palfrey said controlling the estate planning journey, having family meetings and meeting the next generation are all key for delivering great client service.
"If you want our trustee integration meeting agenda, email me - the audience that is not the client or kids for the agenda,” he said.
“Draw a stickman and get the family involved, ask about their plans and discuss ways of keeping the money in the family.”
Additionally, Palfrey said advisers should give things away for free.
“Once they start having grandchildren, offer them a free will,” he said. “Tell them you can have your kids join or contact you.
“Talk to them about insurance, private medical insurance and help the kids some more.”
He outlined some of the best actions to take are:
- Pick your favourite event idea and plan it for Q1 2024
- Design your communications plan for 2024
- Identify your “easy targets”
sonia.rach@ft.com
