The Elements

By Andrea Schlapia   |   April 10, 2012

Understanding Purposeful Meaning In Your Client Service Matrix

Categories: Blog, Operational Effectiveness, Service Matrix

A service matrix is an established unique resource in the financial industry. It provides you with a comparative analysis of your service offerings and differentiates you from your competitors.

Creating a service matrix will help you identify the level of service your clients will receive when they work with your firm. By clearly defining and evaluating your services, you will have the ability to provide value to your clients and the level of service they desire. Build your service matrix to gain strategic insight into the unique needs of each of your client groups and continuously modify it as a part of your firms client engagement strategy.

A client service matrix serves several purposes:
• Encourages clients & prospects to use your firm for all of their financial planning needs
• Clarifies what service levels each client can expect
• Aligns advisor time and resources
• Provides a way to thank your most loyal clients

When creating or evaluating your client service matrix consider surveying your current clients to determine what services they would like. High net worth clients will be attracted to your firm as you provide more personal attention. Create a list of the services you currently provide and a separate list of the services that you would like to provide. Determine which clients will receive each of your services.

Two levers that you can control in your service matrix are service level and sales effort.
Service Level: determine the appropriate level of service to provide to the different levels in your client segmentation plan. (read our blog on Client Segmentation-insert link here)
Sales Effort: control the level of effort that you will put towards client retention, gaining referrals, adding new services and promoting new products by pursuing the right opportunities with aligned client segments. This will provide increased revenue for your firm.

In order to maximize on your services, focus on what you do best. Providing high-quality personal service to your clients and prospects is more important than providing many mediocre services.

As you create and evaluate your service matrix, assess each process in relation to attractiveness (is it what clients want?) and is it providing your client with value. Evaluate processes that can be eliminated and identify which processes align with your mission statement. Your services should have few competitive alternatives and your firm’s offerings should be very strong.

Your client service matrix will allow you to hone in on the unique needs of each of your clients. Understanding that each of your clients has unique needs will ensure efficient client service delivery.

“In business, words are words, explanations are explanations, promises are promises, but only performance is reality.” Harold Geneen

Ironstone can assist you in developing a client/prospect service matrix. We specialize in identifying gaps in your existing plan and will collaborate with you to develop solutions that are parallel in achieving the results your desire.

Contact us for assistance in starting and improving your Service Matrix. We want to hear from you! Share your best ideas here! What services do you provide that are unique from your competitors? We always love hearing from you!

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Andrea Schlapia
Organizational Development and Human Capital

Andrea Schlapia, RCC™, HCS, sHRBP, is the Founder and CEO of Ironstone, which represents the culmination of her 20+ year career within the financial services industry. Her experience began as a financial advisor evolving into a consultant coach for advisors entering the field. This ignited her passion to support others through learning and development of best practices in order to achieve substantial results. To this end, she followed her desire into positions of senior-level practice management specialists for Dreyfus, Prudential, and DWS Investments prior to the realization of Ironstone.  Andrea’s focus is on practice management strategies to enhance and improve both business and personal life.

Andrea identifies 4 key performance areas known as the Fundamental 4™, which are required to design, develop, and sustain a successful business. Through coaching sessions and speaking engagements, she captivates her audience with interactive, high-energy presentations which are built with “how-to” strategies resulting in real-world implementation for significant impact. Andrea has been featured in multiple publications and audio broadcasts as a specialist and distinguished spokeswoman in the financial industry.

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