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10 Ways the 'Starbucks Experience' Can Help Advisors Revolutionize Their Practice

10 Ways the 'Starbucks Experience' Can Help Advisors Revolutionize Their Practice 10 Ways the 'Starbucks Experience' Can Help Advisors Revolutionize Their Practice

Many advisor firms are suffering capacity constraints at a time where macro forces, like baby-boomer retirement, are driving growth curve their way. Advisors can take advantage of this growth curve by implementing the “Starbucks experience”, or in other words, building systematized workflows, which will allow advisors to scale businesses for growth and provide a better client service experience.

Here are 10 things to consider when developing your systematized workflow.

Source: Fox Financial Planning Network

1. Keep it simple 1. Keep it simple

When designing a systemized workflow, keep it logical and simple. This will make it easy for staff to implement, and increase your chances of better leveraging CRM technology, while ultimately allowing you to adopt best practices of industry consultant and experts.

2. Team Commitment 2. Team Commitment

Make sure everyone on staff is committed to doing their part, no matter how long it takes. Don’t begin with unrealistic expectations. Send the message to your staff that it will take time.

3. Clarity Counts 3. Clarity Counts

Have a clear picture of what you are trying to create. This will allow for a better design, and also allow you to develop a fully documented, systemized practice.

4. Let Staff Play the Game Too 4. Let Staff Play the Game Too

Include your staff in building your vision. They can provide additional ideas and perspectives, and could be more willing to assist in setting up the workflow system if their input has been recognized.

5. Have an Online Storage Place 5. Have an Online Storage Place

Develop online area available as storage place for those who will use the workflow system. Easy access to the workflow system, and will enable staff to work off the most current version of the workflow procedures.

6. The Workflow System Framework 6. The Workflow System Framework

Create your workflow system framework, which is comprised of all areas of your practice that should be included in your system. For example, processes for opening new accounts, managing office inventories, and client engagement.

7. Set a Project Schedule 7. Set a Project Schedule

Block off at least a couple hours of time on specific days of each month to focus on the workflow process. This will help you prioritize what is most pressing, and break down a large project into manageable pieces.

8. Document Workflows and Procedures 8. Document Workflows and Procedures

This allows staff to see train of thought, as you continually build towards a more perfect workflow procedure document.

9. Test Your Product 9. Test Your Product

Make sure documented workflows and procedures are ready for the waters before actually putting it out there. This will save a lot of pain in the long run, and ensure that the final product is suitable.

10. Remember to Update 10. Remember to Update

As with most things in life, your practice will evolve and grow, technology will change, and new employees will arrive. As a result, it is imperative to update your workflow at least a couple times a year, and to keep staff members in the loop, while also encouraging them to come up with new improvement ideas.

Many advisory firms are suffering capacity constraints at a time where macro forces, like Boomer retirement, are driving growth their way. Advisors can take advantage of this growth curve by implementing the “Starbucks Experience," which will allow them to scale businesses for growth and provide a better client service experience.

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