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MFIS PSA 5 - Client Analysis

"As the gardener, bu severe pruning forces the sap of the tree into one or two vigorous limbs, so should you step off your miscellaneous activity and concentrate your force on one or a few points. "

 - Ralph Waldo Emerson

WHY is this meaningful to you?


An important step in taking your key segments to the next level is to determine exactly how many clients you currently have in each client segment.

Only after analyzing your Client Analysis, can you begin to apply the appropriate service level for each of your client groups. This service strategy is designed with the purpose of increasing the number of your Ideal Clients.

WHO is this proven strategy designed for?


For those who want to have a clear vision of how their business is comprised today so they can effectively allocate their time and setting up appropriate service standards for their clients. 

Financial Professionals who want a bench marking tool to measure their future success.

WHAT should you expect?


You will: 

  • Clearly identify your high value clients so you can spend more time with and become more accountable to this important group of clients

  • Attract more high value clients by actively focusing on this group of clients

  • Identify mid-tier clients with potential who you can target to become high value clients using a methodical process covered later in this program

  • Identify lower-tier clients who may be better served by VirtualWealth to make better use of your time

WHAT you need to know


HOW to Take Action & Implement Successfully?


Part 1 - Client Analysis

  1. Print a copy of the Client Analysis Worksheet.

  2. Access the information necessary to be able to complete it in the most efficient manner.

    • You will notice this worksheet if based on ‘household’ or ‘relationships’ not individual client accounts.  Some house-holding work may be necessary before you can proceed.

  3. Complete the Client Analysis Worksheet to account for all the clients that you are responsible for managing.

  4. List the total revenue generated by each client group, the number of households in each client group, and the assets represented by each client group.

    • Complete with the level of detail you have available.

  5. Typically, you will discover that 20% of your client generate 80% of your annual income.  Ask yourself:

    • Do the clients who generate 80% of my income deserve 80% of my time?

    • What is the average revenue income per client per classification group?

  6. Make any adjustments that are required to your Ideal Client, Knock-Out Factors and Client Segmentation System.

Part 2 - Client Action

  1. Once you are satisfied with your segmentation break down, code your clients in your contact manager. The method for coding your clients will vary from one database to another.

    • A field should be used to register each client's segmentation.

    • Once this description is completed, you have a visual and digital reference for exactly what each client represents to you and the organization.

  2. If applicable, plan a client realignment strategy for those who could be better served by another option on the wealth continuum.

    • Check to see if there is a process in place to do so and if so, follow the process.

    • If there is no process in place, make sure it is a well-defined, professional and respectful introduction to the other representative.

    • If a transfer strategy is not appropriate, plan how you will deal with over-demanding and low value clients. Proven Strategy 7.

  3. We will help you use this information to determine exactly what services you are going to provide to your clients, and when you will provide them in Proven Strategy 7.

We recommend you update the Client Analysis Worksheet annually (or semi-annually) to measure and assess your progress.  Set a recurring reminder in your organizer now.

Special Instructions for MFIS 


Typically, the high value clients are identified as "A" level clients.  However, by virtue of your role as an MFIS we realize this identification will not be meaningful or inspiring to you because it won't allow you to move forward with the spirit of client excellence, we want you to embrace.  Therefore, we want you to accurately identify your top 20 clients because these are your VIPs and you will have some exciting opportunities to deliver service excellence to them.

Watch Here to Learn More

Please note this video covers PSA 4 and PSA 5.




PSA 4/5 Client Classification

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