Box Management

I’ve been thinking about the concept of box management as it relates to how our Clients think about us. Clients tend to put is in a box.  The box contains their thoughts about what we do and what role we play for them.  I find that Clients use this as an organizational tool for how they think about us.

One of the things we’ve started doing with our Clients is putting together an organizational chart for Client, Inc. In this chart we list all of the wealth management areas, the roles that must be played in those areas and when possible fill in the names of advisors who will help the Client achieve outcomes for their overall plan.

Many advisors want to hold the place of most trusted advisor with their Clients. I believe this is a role that must be earned and not one that is just appointed. If the Client’s wealth manager does a good job of understanding the mission, vision, values and goals of the Client, the Wealth Manager gets to fill the most trusted advisor box.

One of the activities that we are doing with our Clients is helping them fill out the organizational chart.  We are doing this for two reasons.  First, it helps put us in a different place in our Clients mind.  I almost never have seen a Client who has gone through the exercise of identifying their advisors and the specific roles they play for the Client.  Second, it helps us understand the Clients thought process as it relates to working with their Clients.

We can either have the Client do this exercise on their own or we can do the exercise with the Client.  I’m thinking that it might be better to first have the Client start this exercise and then finish it with us during one of our information gathering sessions.

I also believe that if we are able to help the Client fill out the organizational chart, we will be able to expand the role we play.  I’m often frustrated that Clients have a relatively narrow view of the areas we have high competency in.  If the Client first meets us in the context of wealth management, investment management, insurance or consulting that is the box and the only box we exist in.  Helping the Client fill out their chart will give us the opportunity to expand their thoughts about the different services we can provide.

Helping Clients put together an organizational chart also will help in bringing our Clients into a collaborative process with us.  We will be working together putting this exhibit together.  This will give the Client an experience of collaboratively working with at least one of their advisors.  Also, the chart will show how interrelated their advisors are.  This might just  help the Client understand how powerful a collaborative effort can be.

Josh Patrick