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 belongings 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 higher than 99% shopper retention price, 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 shoppers’ time (making certain they by no means wait greater than 5 minutes for a gathering and all the time obtain a same-day name again once they contact the workplace), how Michelle created what she calls an “Every thing Binder” that permits shoppers to place all of their key data in a single place (offering shoppers 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 file notes into her CRM in order that she would not neglect any necessary messages the shopper communicated throughout their dialog.
We additionally discuss how Michelle has achieved robust shopper satisfaction by spending nearly all of time throughout conferences listening to what they should say (and avoiding jargon when it comes time for her to debate technical planning subjects), how Michelle seeks to go a stage deeper when speaking to shoppers about their private lives (for instance, not simply asking about the place they went on trip but in addition whether or not they had any cash conflicts throughout the journey), and the way Michelle ends every shopper assembly by asking whether or not there are any points the shopper desires to speak via (which can or is probably not financial-related and helps her gauge their satisfaction together with her service).
And make sure to hearken to the top, 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 keep an “eat what you kill” strategy in the direction of compensation), how Michelle has discovered vital worth from working an internship program (each professionally by figuring out proficient college students who might change into the following technology of advisors at her agency, and personally by with 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 fun she’s had and the sacrifices she’s made alongside the way in which).
So, whether or not you are fascinated by studying about setting and sustaining excessive shopper service requirements, fostering deeper shopper conversations, or making a partnership final over a number of many years, then we hope you get pleasure from this episode of the Monetary Advisor Success podcast, with Michelle Perry Higgins.