What a Five-Star Restaurant and a Financial Professional Have in Common

A menu. A comprehensive menu of services can help convey all the ways you help clients—and potentially attract new clients as well.

May 20, 2024 - As a financial professional, you likely have a clear understanding of the different types of services you can offer and how those various pieces can come together to help clients manage every aspect of their financial lives. However, clients may not see the whole picture. They’re busy and may not have detailed insight into financial advice. More commonly, they may lump all types of services into a single catchall category of “advice.”

That’s where a menu of services comes in. The term “menu” is instantly familiar and signals to clients the full breadth of offerings your firm provides.

Creating a menu of services can differentiate your practice and help you better engage with your clients in a number of ways.

• Comprehensiveness: First, a menu signals your full range of services and guidance. That alone could surprise many clients, who may not realize that such services exist—or think they need to go elsewhere to access them. Even if they may not need some of those services today, a menu can put your firm top-of-mind for clients if their circumstances change (or if they know someone, they can refer to you).
• Credibility: Talking knowledgeably about your menu of services—and being explicit about where your strengths as a firm lie—can reassure clients, deepen their understanding of what’s available, and enhance your credibility as a trusted financial professional.
• Communication: Perhaps most importantly, a menu of services can facilitate a conversation about how some of the various services work and how they differ from each other. It’s an entry point for a richer discussion of what you’re currently providing to clients, their current or future needs, and how you can potentially serve them better through a customized set of options.

What needs to be on the menu? It should include every possible service you offer; some examples may include retirement planning, investment planning, estate planning, tax planning, insurance, or saving for specific life goals such as education, a child’s wedding, or a second home. Menus also highlight all the different types of investments you specialize in (alternatives, tax-free investment options, non-traded securities, etc.). Plus, any type of customer segment you work with (such as small-business owners, employees at a specific company in the area, or demographic niches).

The menu should also include any other types of professionals you regularly work with—such as trust and estate attorneys who can support the drafting of a will, private bankers, business leaders, real estate professionals and accountants with tax expertise.

Critically, a menu of services should also include a Second Opinion Service (S.O.S.), which can help you generate new business through referrals. Just as patients often seek a second opinion on their medical advice, people working with someone besides yourself may want a second opinion regarding their financial situation. By offering this service—essentially a free consultation—you can potentially attract new clients through your current client roster.

Some financial professionals go one step further and synch the menu to a calendar of services. For example, they schedule conversations about education planning in September, when clients send their kids back to school and may be thinking about how they can pay for college. They schedule tax-planning conversations around the end of the year when there’s still time to make changes, along with a post-filing debrief in April. Linking a menu to a schedule helps show your full range of services in a way that’s intuitive for clients and lets them know what’s coming.¹

If you don’t offer a menu of your services, your firm is potentially missing out on revenue opportunities, and your clients may not benefit from the complete range of services you offer. Conversely, creating a menu—and talking through it in regular client meetings—gives you a chance to establish your credibility as an expert and build a stronger tie with clients. In that way, it can ensure they see the full picture—and that you have the best possible working relationship.

¹ Joe Buhrmann, “How to Create a Financial Advisor Client Service Calendar,” emoneyadvisor.com, Dec. 26, 2023.

The information provided only summarizes complicated topics and does not constitute financial, legal, tax, or other professional advice. Further, the information is not all-inclusive and should not be relied upon as such.

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