Key Benefits for Management
Key Benefits for Management
The imminent departure of a prominent or well connected staff member brings forward a lot of risk to a firm. Upcoming retirement, maternity leave or secondments, mean the relationships held by a departing individual can easily dissolve if they are not successfully transitioned across to others within the firm.
Client Sense provides the ability to both identify the key relationships which may be impacted and then to measure the transition of those relationships to other chosen individuals within the firm.
With Client Sense you can be sure that the key relationships the firm needs to maintain are being managed with real-time and active monitoring.
Key Staff Departures
The only constant is change. It is inevitable that at some stage key staff members will need to move on, but that should not mean the relationships that person has formed need to move with them.
Client Sense is able to instantly provide information to assist the firm in retaining client, contact and referrer relationships.
Fixed Fee or Retained Clients
There are many measures a firm may use to assess the effort or investment it is making in fixed fee / retained client arrangements. The challenge is that usually the effort to assess the time spent per client on a regular basis negates the benefits.
Client Sense allows management to quickly and easily understand the volume of communication, the number of meetings and even the time of day (within or outside of business hours) that the firm is expending in communicating with a given client.
Staff Reviews and Lateral Hires
When looking to promote key staff members into more senior roles, financial contribution and Business Development efforts are key considerations. Client Sense assists Management and HR to identify Business Development activities as compared to others seeking a similar appointment.
There is a significant cultural and commercial risk to the firm when bringing in a senior role laterally from another firm. Client Sense allows Management and HR to identify where there may already be held relationships with internal staff. Knowledge of these relationships can be used to gain early insights ahead of formal discussions.
Mergers and Acquisitions
A firm's value is directly linked to the value of the relationships that it holds.
Client Sense assists in easily identifying and capturing the new contacts associated with the acquisition of a firm or group. This not only allows the firm to quickly and easily identify the acquired relationships, the firm can then act on those new opportunities much sooner than otherwise possible, maximising the value of the purchase.
In the event that not all staff remain with the firm post acquisition or merge, having understood and captured the new relationships and where they may overlap with existing staff, provides the firm with the best possible chance of retaining many of those introduced relationships.
'The firm has utilised Client Sense as an integral part of its Client Lifecycle Management platform for about 12 months. Whilst Client Sense has proved a useful business development tool, its real benefit comes in the visibility it provides across our entire client base. By providing us with a means of tracking and measuring the strength and depth of our client relationships, it allows us to be on the front foot when it comes to managing and improving client engagement – even highlighting opportunities for cross selling we may have otherwise missed. Furthermore its ability to capture relationships not reflected in our database means our data remains current, is not reliant on manual entry and our teams can focus their time and energy on growth opportunities for the firm.'Adam Irwin, COO / Partner Advisory Services - Pitcher Partners