Welcome everyone! Welcome to the 449th episode of the Financial Advisor Success Podcast!
My guest on today’s podcast is Michelle Perry Higgins. Michelle is a principal of California Financial Advisors, an RIA based in San Ramon, California, that oversees $2 billion in assets under management for approximately 1,500 client households.
What’s unique about Michelle, though, is how her firm has grown to $2 billion of AUM entirely organically and has achieved a greater than 99% client retention rate, in part by setting high standards for client service (and sticking to them over time).
In this episode, we talk in-depth about how Michelle prioritizes her clients’ time (ensuring they never wait more than 5 minutes for a meeting and always receive a same-day call back when they contact the office), how Michelle created what she calls an “Everything Binder” that allows clients to put all of their key information in one place (providing clients with peace of mind by easing the transition for loved ones if the client becomes incapacitated or passes away), and how Michelle builds a half hour into her schedule after client meetings to record notes into her CRM so that she doesn’t forget any important messages the client communicated during their conversation.
We also talk about how Michelle has achieved strong client satisfaction by spending the majority of time during meetings listening to what they have to say (and avoiding jargon when it comes time for her to discuss technical planning topics), how Michelle seeks to go a level deeper when talking to clients about their personal lives (for example, not just asking about where they went on vacation but also whether they had any money conflicts during the trip), and how Michelle ends each client meeting by asking whether there are any issues the client wants to talk through (which may or may not be financial-related and helps her gauge their satisfaction with her service).
And be certain to listen to the end, where Michelle shares how she has built California Financial Advisors with three of her partners over the course of 30-plus years (and why they maintain an “eat what you kill” approach towards compensation), how Michelle has found significant value from operating an internship program (both professionally by identifying talented students who could become the next generation of advisors at her firm, and personally by being able to mentor aspiring advisors), and how Michelle has navigated the challenges of being successful as a financial advisor and as a parent at the same time (including the joys she’s had and the sacrifices she’s made along the way).
So, whether you’re interested in learning about setting and maintaining high client service standards, fostering deeper client conversations, or making a partnership last over multiple decades, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Michelle Perry Higgins.
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