For as long as I’ve been in the accounting profession, most firms I’ve worked with or spoken to acknowledge there are additional services they could provide to meet unmet client needs. In fact, many estimate they could generate 20% more in fees by tapping into these opportunities. Yet, many firms fail to unlock the opportunity.

Why does this happen, and what can we do about it?

In an era where organic growth can be challenging due to economic or local factors, unlocking additional growth through existing clients seems like low-hanging fruit. Common reasons for missed opportunities include lack of resources or being stuck in the compliance vortex.

However, more often than not, the core issue lies in ineffective client engagement—a failure to have meaningful conversations that uncover clients’ goals and challenges.

For younger firm leaders, the barrier often stems from a lack of confidence to conduct these deeper discussions that build trust and engagement. So, how can firms overcome this challenge? Like most things in life, it’s a bit of a carrot combined with a stick.

Steps to Boost Client Engagement

1: Include Team Members in Client Meetings

This seems so obvious, but for many firms, it is so hard to achieve consistently. There is no better way to learn than to observe the firm leaders engage effectively with clients. Over time, the team members should be encouraged to participate in discussions to develop their questioning skills. When attending the meetings, they should become responsible for taking the meeting notes and action items.

It requires discipline to do this. When organising meetings, the team members’ availability must also be considered. Sometimes, I’m told that clients won’t like team members present or will be concerned about cost. However, I have spoken to many clients about this, and when properly explained, they understand the benefits in terms of team members having a better understanding of their affairs.

2: Practice with Mock Needs Reviews

Conducting mock needs reviews is where one person takes the role of the client, and the others question them. It is an effective way to develop skills. I have seen in firms that have adopted this idea that, in doing so, they have discovered:

1. Things that they don’t know about the client
2. Areas where they have opportunities to help the client

That means they already have some issues to raise when an actual meeting occurs with the client. This boosts confidence in conducting the meeting.

3: Use Question Prompts

Provide tools like a question sheet to guide client conversations. The 10×10 Needs Review (downloadable here) is one such resource. Note, however, that it is not a checklist to be completed, merely a sheet to give you an idea of questions that can be asked to get the client talking. The key, however, is to listen intently. While listening, consider the following question you should be asking to drill deeper into the issue.

4: Choose Comfortable Meeting Locations

The intention is to get the client to talk often about issues that may make them uncomfortable. Think about the location that may make the client feel more comfortable. It could be a coffee shop, their office or home, driving in a car, or going for a walk along the beach.

5: Ask the Tough Questions

To help clients effectively, you need to understand what’s going on in their world. Often, the most sensitive issues are the most important to be discussed. Issues relating to their health and relationships can critically impact a client’s financial affairs. As long as the client knows why you are asking such questions, they will appreciate your concern, further cement trust in the relationship, and show that you care. Of course, some clients may not want to discuss such things – that is their decision, but even those clients will not be critical of your desire to help them.

6: Create a Scorecard with Performance Benchmarks

Here’s the stick! Create a scorecard detailing the number of needs reviews done, proposals for new work submitted, proposals won, and fees generated. Give people targets. Monitor regularly. Mentor and coach. Behaviours need to change. Peer pressure and accountability is an essential tool.

Every client, every year, should have one of these “needs review” meetings. People’s circumstances change, and life events occur. Clearly, firms that have successfully conducted these client discussions have developed deeper relationships with their clients and enjoyed growth from additional service offerings resulting from unlocking the client’s needs.

David Smith conducts firm reviews and facilitates the development of strategic plans and business plans. Contact David at [email protected] to explore how he can help your firm.