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.
1. Create an ‘Inactive Client’ Status in the database.
2. Change the Status from ‘Active Client’ to ‘Inactive Client’.
3. Fill out the ‘Termination Date’ field on the contact record.
4. Adjust spouse and family members’ Statuses as needed.
5. Edit Client Review Reminder.
6. Disable Birthday Reminder.
7. Record the client’s termination and reason for departure as a Note.
8. Add a User Defined Field for ‘Termination Reason’.
9. Add UDF for ‘Termination Reason’ to the contact record.
10. Create a Workflow that breaks down the deceased client planning process step-by-step.
11. Add an Automation that starts a workflow when a clients status is changed to "Deceased".
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.