Implement a disciplined pricing process and instill an exceptional client service culture, the panelists added.

McLaughlin recommends a client acceptance committee, “Or process around which there is an evaluation of what the actual client requirements are going to be.” Then, the firm can suggest a price according to that unique, well-delineated service demand, he said.

Market pricing can also be a trap, McLaughlin said, “Because every single client has a different and unique, customized requirement; and every firm has a different set of things that they do well. There really is not a market, per se there’s not a lot of visibility, and I think there’s too much variation in the service requirements that can be delivered.”

It’s very difficult for a client advisor to one minute take care of a million-dollar client, and the next minute to be a part of taking care of a hundred-million-dollar client. So we are big on understanding what their experience is, so that we can connect them with the right clients.”

CAPTURING PROSPECTS. Social media is also key to finding new clients. The next step is to “help capture the folks who are coming in,” Abel said. By using Vestorly’s tool (competitors include Contently), Dynasty was able to develop “a prospect capture window,” Abel explained, that “only goes to folks who are unidentified and new… This allows us to easily capture an email address before folks are able to read the content that we’re deploying.”

STARBUCKS SECRET.Companies like Ritz Carlton, Walt Disney and Starbucks deliver exceptional client service by being disciplined and documenting the process on a daily basis, Thurman maintained.”All those organizations have daily focus meetings, daily stand-up meetings to reinforce their culture that saysour clients are the center of our universe.

STANDARDIZATION VS CUSTOMIZATION. Answering a question from the webinar about how much the client should define the service model, Thurman said BKD tries to standardize 80% of its service, and allow 20% customization.