Prospective client engagement agreement
I've been seriously contemplating the idea of drafting a -new client engagement agreement- to be signed in the first or second meeting with a new prospect. My reasoning has been that in any sales process, each new prospective client reaches the point where they have to make a decision to move forward with a new advisory relationship or not. In the advisory business, this process can sometime drag on and on. In an effort to distinguish our serious buyers from shoppers, im considering the idea.
The body of this prospective letter would justly explain that as a professional practice, our time is our most valuable commodity. As such, if we're to continue mutual diligence, our firm needs to insure the prospect in question is serious about engaging our services. I also hypothosize this type of cattle steering, for lack of a better phrase, will advance the timming of contra-statement collection and next step completion.
This idea has been 'just that' so I am still looking for articulate fillers. I would very much appreciate feedback, contextual ideas and representative criticisms from individuals that feel their contribution has value.
Thanks in advance
At the end of my first meeting with any prospect I'm interested in doing business with I present them with a "commitment of service" document. It walks through the on-boaring process and the service commitments we make once they join our firm. At that point I flush out the plate lickers "is there anything else you expect from an advisor?" ... "if I am able to xxxxxx(whatever their triggers were) and deliver this level of service is there any reason we could not work together"?
I'll post a copy of what I do over on my blog for anyone that is interested.