Do You Provide Continuity of Service?

At Edward Jones, experienced financial advisors give away a portion of their accounts to help their newest colleagues get started. Freshly minted advisors are paired with a successful veteran for at least a year, allowing them to share in the operation of the branch, receive invaluable mentoring from the veteran they are paired with, and assume responsibility for some of the veteran’s accounts. This assures that before a new advisor opens his or her own branch, that advisor has modeled the best behavior, and has built relationships with clients he or she will take over from the veteran.

In this single decision, Edward Jones’s core values of cooperation, caring, and volunteerism converge.

When Your Service Providers Change

Created by successful financial advisor Jim Goodknight in 1996, this process helps young colleagues successfully launch their careers. Nearly half of all new financial advisors start through what is now referred to as the Goodknight Program, or through similar coaching processes. Veteran financial advisors find it not only good for incoming advisors, but also for clients, who receive “double coverage” by both the veteran and the new advisors during the mentorship period. Veterans are also motivated to see the firm grow, gain market share, and thrive, particularly because Edward Jones is a partnership business. They have a vested interest in doing what’s best for growth, even if it means channeling clients from the veteran’s book of business to incoming advisors.

Clients involved in a Goodknight Program are more likely to be advocates for Edward Jones. The firm retains more new advisors, who achieve greater success. Veterans focus more on fewer clients, deepening those relationships. Customers take notice of this behavior and reward it.

Corporate collaboration is a quality of the companies customers love.

  • Would your veteran account reps be predisposed to this behavior?
  • What would you have to do to get from where you are today to this state of collaboration?
  • Do you make customers begin again?
  • Does service continue when accountability changes hands?

Additional Reading:

One thought on “Do You Provide Continuity of Service?

Leave a Reply

Your email address will not be published. Required fields are marked *