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Deepesh Mehta is a young CFP from Bangalore with a growing financial planning practice and a neat website with a catchy url: www.happyinvestor.in. Deepesh shares a very interesting insight from the airlines business, which has prompted him to come up with a simple but highly effective checklist which he uses in his client engagement process. Creating happy investors doesn't happen by accident - it happens when you regularly and meticulously follow a well-documented process of engaging your clients. Check out Deepesh's check-list, adapt it as required to your own business model, and commit yourself to meticulously implementing it, as Deepesh has done.
Sell Well - Grow Well, an idea sharing platform that promotes right selling, is a joint initiative between SBI Fund Guru and Wealth Forum. Right selling is all about creating happy investors, and initiatives like what Deepesh speaks of are great steps in this direction.
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An insight from the airlines business
There are approximately around 1,02,700 active commercial flights across the world right now, carrying passengers, as we read this article. So, annually, there are about 102700 flights x 365 days, which is roughly about 375 crore (37.5 million) flights taking off, carrying three billion people safely from one destination to another. Have you ever wondered how many flights may meet with an accident? According to statistics, on an average every year, of the 37.5 million flights, about 86 of them meet with an accident, which is 0.000002293% of flights.
Have you ever thought how such a complex system is efficiently managed? The answer is, a checklist manifesto, which the pilots, Air traffic controller and flight engineers have to adhere to. Prior to a plane taking off, there are about 250 items to be checked, depending on the aircraft. Through the course of the flight, checks are carried out constantly and more than 700-800 checks are conducted. Some common checks include checking the fuel level, the cabin pressure, oxygen levels, inspecting the electric circuit breaker tyre pressures, oil or hydraulic leaks among other critical checks.
Checklist for client engagement
Inspired by the airline industry's realistic detailed operations, I think our fraternity should also develop and include a checklist manifesto in our practice. This has to be hard coded in our practice, as we have a significant moral obligation to deliver the best for our clients.
Some of the points that our organisation's checklist includes are:
I believe if our fraternity inculcates the use of checklists and improves/reviews them at regular intervals, we would be moving towards doing the best we could for our clients.
(Source of the facts mentioned: (i) Google, (ii) One of our client works as a senior most pilot in a reputed airline company)
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