Client Transition Done Right!
Every year Roy Morgan release a report into the most trusted professions titled the “Image of Professions Survey” and Accountants always seem to fair quite well, not as well as Doctors but much better than Lawyers!
Like Doctors, we do tend to have clients for life, so it stands to reason that many of these people will become friends over time and it's very natural to be invested in how they can best be looked after when you have decided to slow down. If this was not reason enough (and we think it is), there is also goodcommercial reason to ensure clients are happy and stick with your successor, as most transactions will involve client retention based contingent payments.
People dislike uncertainty and change so we need to communicate the right things, effectively and proactively. Remember, human nature tends to fill in the blanks with the worst-case scenario when there is a lack of information, so now is the time to flex some leadership and management muscle!
So, what do clients want? (No, really what do they actually want to see?)
Continuity – They need to know that you are not rushing out the door. Having limited but ongoing access to you over time is very comforting. They don’t want to feel abandoned.
Service – They need to know that they will have the same services and standards, or an even better version.
Pricing – They need to know that pricing will be the same or similar on a like-for-like basis.
Trust Transfer – They need to know that you will be involved and that there is a formal hand over process that shares information and builds trust.
What does a good process look like? (How can you action this effectively & proactively?)
Whilst all clients are important, it is paramount to start by making a “Key Client List”. These are clients who, for a variety of reasons, will need immediate and personal attention from you. Reach out to them by phone or in person.
When: Day 1
A firm wide letter of introduction can follow.
When: Week 1
Then, proceed quickly with joint phone introductions with your successor.
When: Months 1-3
Over the course of the first 12 months, look to involve your successor by copying them to client queries and matters. This is the slow process of allowing them to build trust by displaying competence and demonstrates to the client that they “get them”
When: Start after month 1
Have a formal face to face with the handover of that year’s compliance with the client and your successor. This adds massively to the trust transfer process.
First 18 months
As a final thought, it warrants saying that trust is built by actions not words. Your successor should be encouraged to methodically review all client groups in detail. Nothing builds trust like a big win! So, help them do this and be supportive because a well-executed client handover is a win-win for everyone.
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