As an adviser, it’s easy to get caught up in chasing down leads, interviewing clients and placing business. That’s where the money comes from and of course, we all have to eat.
If you’re spending a lot of time with clients and the administration duties just leave you cold, chances are you may have only scant details in your database. That used to be OK. The rules have changed and now it’s more important than ever to make sure your files are clean.
Data Integrity is now as important as remembering your Mum’s birthday, especially if she is one of your clients.
The flip side is that your files are in outstanding order, which means you may have some help or you’re spending so much time on administration that there aren’t many client appointments, so your income level is stagnant. Which is OK, if you don’t mind having your income reduce, in real terms, every year with inflation and the increased cost of other expenses.
If you need to comb through your data to tidy it up, the most important items to focus on with your clients are basic details; full name, date of birth, address both postal and digital, phone number, type of policy and the start date.
Make sure to spell the client’s name correctly. How do you feel when a letter comes in the mail, or via email, and your name is spelt with extra or missing letters? Most people will think, “this person doesn’t know me from a bar of soap” and the email or letter may be discarded, unopened. The finest compliment is to have a name letter perfect, it says, “I really know you.”
Once this information is clean, then it’s about grouping clients together so they receive timely information, Opt-in letters, FDS’s and newsletters.
Then it’s important to know which clients have responded to the letters and note it in their file, so any ICR, MER and other fees continue to be paid.
It also means that when it’s review time, there are a few options for getting in touch with the client and starting a conversation around performance, cover, significant events and changes in the client’s situation.