5 ways to engage your clients in their finances
TRANSCRIPT
1. Review data accuracy and timeliness
2. Understand client’s full remit of data & supplement
3. Increasing data accessibility through education & software
4. Critical questions to determine Metrics That Matter
5. Producing valuable & accurate reporting to engage clients
#ClientEngagement
Agenda
• Garbage in equates to garbage out
• Manually data entry opens up the opportunity for error
• Bad data leads to bad decision making
• Ask yourself: What am I doing to guarantee this data is
accurate?
Risks of Inaccurate Data
#ClientEngagement
• Weekly v Monthly v Quarterly v Annual
• Understanding how this fits with clients’ business
• Goal of becoming a forward-looking advisor
Reconciliation Cadence
#ClientEngagement
• Proactive vs. Reactive to client issue
• Recent data is more relevant than historical data
• More agility as an advisor to add value
• Better and more immediate visibility into business results
Benefits of Real-Time Financials
#ClientEngagement
• Ask clients about their systems + data they track
• Develop an understanding of how that data that
correlates to their critical business questions
• If key data is missing, step in to suggest solutions
Understanding client’s data remit
#ClientEngagement
1. Bank feed
2. Bank statements
3. Receipts & invoices (digital and paper)
Potential Data Sources
#ClientEngagement
• Length of historical data pull
• Reliability of transactions
• Solving for these challenges
Bank feed
#ClientEngagement
• Monthly reconciliation
• Method of retrieval
• Cheques, deposit slips, etc.
Bank Statements
#ClientEngagement
• Paper vs. Digital
• Building systems for retrieval
• Reduction of dependence on the client
Receipts & Invoices
#ClientEngagement
• Reduce the risk of manual error through automation
• Automation focuses you on analysis vs. collection
• Availability of the data enables you to engage with clients
and give valuable business advice
Automating data collection
#ClientEngagement
• Clients want leadership & guidance
• Spend as much time explaining the Why as the What
• Educating clients is a valuable opportunity to
highlight your areas of expertise
Client Education to Engagement
#ClientEngagement
• Data helps you *know* a clients’ business
• Being proactive through data creates value for clients
• Increases trust and positions you as an advisor
Grow Relationships Through Data
#ClientEngagement
• Identify data that needs to be monitored and
measured by asking your client open ended questions
• Develop Key Performance Indicators (KPIs) for each
of their business areas and concerns
• Get to know appropriate KPIs for your client’s
industry
Measuring What Matters
#ClientEngagement
• Identifying reporting templates for client’s industry
• Determining the reporting cadence for your clients
• Be creative about how you deliver reporting insights
Developing Valuable Reporting
#ClientEngagement
• The days of the static spreadsheet are over
• Clients want to see and interact with their data
• Don’t waste time manually preparing client reporting
• Interactive platforms can help facilitate engaging and
valuable conversations with clients do
Static Data to Dynamic Visuals
#ClientEngagement
Thank You + Q & A
Madeline Reeves [email protected]
@madelinekreeves
Yoseph West [email protected]
@ycwest
#ClientEngagement