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This focuser measures the outcome of your workshops. It will tell you exactly who attended a particular workshop, which of the attendees scheduled a Vision Meeting, and the outcome of follow up calls to prospects who attended the workshop but did not say yes to a Vision Meeting.

The Workshop Results Focuser allows you to determine the efficacy of your marketing and your workshops. For example, if very few people attend a workshop, your marketing strategy and/or materials must be modified.

Conversely, let’s say you get 31 attendees but only two of them agree to a Vision Meeting. In that case, you’ll know that either the person making the presentation needs to do better job or the presentation materials themselves are in need of improvement.

Finally, if very few of your follow up calls or emails lead to a Vision Meeting, you need to examine the messages being conveyed and your Clients Services Coordinator’s approach.

Given the importance of workshops in building your client roster, you need to make the most of them. The Workshop Results Focuser is an efficient way to do that.

This focuser measures the number of people who contact your firm in any given week. It lets you know how these prospects heard about your firm—was it through wholesale marketing, retail marketing, or some other vehicle? If the number of people contacting your firm seems low, you’ll know you need to take steps to improve your marketing and/or other lead generation strategies.  

The Initial Contact Focuser also tells you the next steps that will be taken to convert these new prospects into clients. Did they register for an upcoming workshop? Did some of them schedule a Vision Meeting? With this information, you can determine whether or not your Clients Services Director and the folks answering your phones are doing a good job taking leads to the next stage in the conversion process. If they are not, you need to find out why and take steps to address it.

How many people contacted your office last week?

How many attended your workshop and scheduled a Vision Meeting?

How many Vision Meetings and Initial Meetings are on your calendar for next week?

Did you close any Vision Meetings or Initial Meetings? If so, how many and for how much?

What is your projected cash flow for next month?

If your answer to any of these questions was “Ummmm, I’m not sure,” “I’d have to check,” or “I really have no idea,” you’re not running your business reports. Which means your firm is probably not managing time efficiently, monitoring cash flow accurately and holding key personnel accountable. Ultimately, your firm is probably not realizing its full profit potential.

In the coming weeks, we’ll discuss in greater detail why you need to run your reports, and more importantly, what you can learn from them to make your firm run at peak efficiency and profitability.

Until next time…

A members-only section on your website can allow enrollees in your maintenance program to sign up for exclusive events, download videos of workshops they might have missed, and more. It also allows you to generate revenue through advertising (as does your newsletter). How? By offering companies that provide services of interest to your clients the opportunity to advertise on this portion of your site. House cleaners, estate sale firms, delivery services, caregivers… service providers like these and many more will pay handsomely for access to a targeted demographic. So, too, will financial advisors, accountants, attorneys who practice in areas outside of your own, and other professionals.

Of course, you must screen potential advertisers carefully to make sure they are good at what they do and worthy of your clients’ trust. Also, don’t run too many ads. Enrollees in your maintenance program will appreciate exclusive access to companies that provide services they need and can trust. However, you don’t want to leave the impression that generating advertising revenue is the only reason you offer a newsletter or a members-only section on your website.

Your maintenance program will help you forge solid bonds with your clients and members of your clients’ families. Consider the latter for a moment. Inviting family members to social events, encouraging them to attend review meetings and workshops, providing counsel to the family following a client’s incapacity or death… all of this allows you to bond with the adult children of your existing clients. Not only will your client’s adult children see the value of proper planning first-hand, they’ll know exactly who they want to design their plans—you.

Encouraging your clients to bring their advisors as well as their family members to social gatherings and plan reviews also allows you to form bonds with the advisors themselves, who can then become valuable referral sources for future new business. Many law firms struggle to develop profitable referral relationships. Your maintenance program can help you get your foot in the door.

Once you’ve established a maintenance program, there is another opportunity worth exploring… advertising. Well discuss that next time.

The TLC™ Estate Plan Maintenance & Fee Guarantee Program offers all of the services listed below. Remember: This information is intended to provide you with an idea of what a maintenance program can offer. Your program must reflect your clients’ needs and your firm’s capabilities.

The TLC™ Estate Plan Maintenance & Fee Guarantee Program EPLC includes:

• A quarterly newsletter
• The hosting of an annual social event
• Free review of documents with agents and/or family members at disability and/or death
• Invitations to public events sponsored by EPLC
• Phone calls by clients or their advisors to office staff at no charge
• An annual client meeting for groups of clients aimed at keeping client documents current within the changing legal environment
• A complimentary meeting for family members to explain the client’s estate plan upon his or her death or disability
• “Word processing” amendments to estate planning documents requested by the client
• Specialized and Advanced planning workshops offered throughout the year
• Assistance with funding new assets
• An annual trust review
• A guaranteed, discounted fee to administer the client’s estate plan after death. For clients who remain in the program, we will guarantee the family (in writing) a fee of 1% rather than the customary 5-7%

As you can see, this is an extensive program. You might also have discerned that the components of the plan involve services that do not cost you a great deal of money or “attorney time.” For example, let’s say a client wants to make a simple change to a will or trust, like swapping out a daughter for a son. You already have the client’s documents in your system, so making a change like that is easy. Or consider the annual client group meeting, where all of the clients’ changes can be made at once. Your staff can handle the vast majority of such changes, as well as client calls, a newsletter, and the program’s various social events.

Your maintenance program provides enrollees with easy access to your firm and a sense of belonging to the “firm family.” It will also provide them with the peace of mind that comes from knowing the plan will work, and that the firm will be there to counsel family members in the event of the client’s incapacity and/or death. All of this sets your firm apart from competitors that do not offer a maintenance program. In addition, your program creates loyalty, a bond with your clients. We’ll talk about the benefits of  that next time.

When it comes to maintenance programs, one size does not fit all. You should tailor your program to the needs of your client base and your firm’s capabilities. Also, as we mentioned last time, you have to limit the scope of your program. It’s supposed to be a source of steady revenue, not a loss leader. Accomplishing this requires offering services in your program that you are already providing free-of-charge, or services whose fees are insignificant. As one attorney with a successful maintenance program put it, “The administrative costs of billing for photocopies exceeds the income generated by it.”

You can also offer different types of maintenance programs. At EPLC, we have our main program, the TLC™ Estate Plan Maintenance & Fee Guarantee Program. We also offer a program for Medicaid clients, which basically provides enrollees with the annual certification they need. It is important to note, however, that our goal is to have clients who need nursing home care keep their TLC Program and add the Medicaid program to it as part of a package. We don’t want clients dropping the TLC Program when, say, one spouse enters a nursing home while the other continues to reside in the couple’s primary residence. Finally, we have a relatively inexpensive Will-based program for clients whose plans do not include trusts.

In our next email, we’ll detail the elements of our TLC™ Estate Plan Maintenance & Fee Guarantee Program.