Follow

Client Departure

HowToHandle_header.png

Observation:

Although it almost never happens, it is still wise to have a process in place for when a client makes the terrible decision of leaving your practice. Thankfully, with just a few adjustments to the contact record and the guidance of a workflow, you can ensure consistent data and a smooth transition for your former client. Consider using the same or a similar process when your firm makes the decision to offboard clients.

Directions:

1. Create an ‘Inactive Client’ Status in the database.

Database Lists

Database Lists and the Contact Record Video

Departure_1.gif

2. Change the Status from ‘Active Client’ to ‘Inactive Client’.

Contact Details

Redtail Essentials: Contact Record Video

3. Fill out the ‘Termination Date’ field on the contact record.

Contact Details

Redtail Essentials: Contact Record Video

Screen_Shot_2020-02-13_at_3.30.05_PM.png

4. Adjust spouse and family members’ Statuses as needed.

Contact Details

Redtail Essentials: Relationships

5. Edit Client Review Reminder.

Know Your Client: Client Review

How to Prepare for Client Reviews Video

Depart_5.gif

6. Disable Birthday Reminder.

How do I track contact birthdays in Redtail?

Enable or Disable Birthday Reminders In Bulk

Redtail Essentials: Contact Record Video

Screen_Shot_2020-02-13_at_3.31.51_PM.png

7. Record the client’s termination and reason for departure as a Note.

Notes

Redtail Essentials: Notes Video

BOB_offboard.gif

8. Add a User Defined Field for ‘Termination Reason’.

How do I add new User Defined Fields to my database?

Tag Groups Vs Keywords VS UDFs

9. Add UDF for ‘Termination Reason’ to the contact record.

Contact Overview Menu: UDFs

Redtail Essentials: Contact Record Video

UDF_BOB.gif

10. Create a Workflow that breaks down the deceased client planning process step-by-step. 

Workflows

Workflow Video Series

Screen_Shot_2020-02-20_at_2.16.03_PM.png

11. Add an Automation that starts a workflow when a clients status is changed to "Deceased". 

Automations

Redtail Essentials: Automations Video

Screen_Shot_2020-02-20_at_2.14.57_PM.png

Result:

Clients are never truly lost. There’s no guarantee that they will find success with their next advisor or managing their portfolio themselves. Keeping their data available in an “Inactive Client Status” leaves the opportunity open to regain their business in the future. Also, compliance may require it. 

Download a PDF version of these instructions below! 

Was this article helpful?
0 out of 0 found this helpful
Have more questions? Submit a request

Comments

Powered by Zendesk