Kitces and Carl - Real Talk for Real Financial Advisors
When Have You Done 'Enough' For Clients (And How Do You Know)?: Kitces & Carl Ep 139
May 30, 2024
Client communication expert Carl Richards joins Michael Kitces in discussing the tipping point for financial advisors to shift from constant learning to focusing on providing value. They explore simplification in client services, the challenges of removing unnecessary services, and the importance of surveying clients to understand their needs for client retention.
30:08
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Quick takeaways
- Recognize the importance of balancing client needs without overwhelming them with excessive services.
- Evaluate the effectiveness of services by understanding client engagement through utilization rates.
Deep dives
Understanding the Value You Offer Clients
The importance of recognizing when you are providing sufficient value to your clients, as highlighted in the podcast, revolves around knowing when to stop adding more and focusing on effectively communicating the existing value. Meg's query about reaching a point of adequacy rather than constant augmentation underlines the significance of balancing client needs without overwhelming them with excessive services. The podcast emphasizes the value of simplifying business practices and concentrating on ensuring clients fully comprehend the services provided, as opposed to continuously adding new offerings.
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