Elite Advisor Intelligence® Client Communication
Client communication is one of the most important drivers for client satisfaction. Done right, it can help you retain the clients you have, grow your relationships and appeal to new clients.
Client service comprises of various touch points that an advisor has with a client. The cornerstone of these touch points is the client review meeting, a time-intensive undertaking that rarely receives the respect it deserves. As one of the few times you and your clients sit down one-on-one, reviews can be valuable drivers of client retention, growth of wallet share and even client acquisition via referrals. If you're like most advisors, you use these sessions to review the markets, client assets and recent life events. To set yourself apart, you should go beyond these basics.
Preparing for the Meeting
"[A review] requires at least 45 minutes to properly prepare. I know some people [who don't prepare]. I did it once, and the client subsequently left me." — E.S., Northeast
Solid preparation for the meeting is essential for a successful and quality interaction with your clients. Creating a standard report that fits most of your clients but allows for customization where needed can help save you time. Consider following the process below to ensure you cross all your "T"s and dot all your "I"s. You or someone on your team should
- Schedule the review with the client
- Create a summary of the client's account
- Prepare the review report based on summary
- Proof the review report
- Mail the materials in advance of your meeting with cover letter confirming the date and time
Conducting a distinctive client review meeting is beneficial to both a client and an advisor. An effective meeting extends beyond performance, attempting to make a client feel comfortable and including a holistic discussion on wealth management issues. To accomplish this, having an agenda is necessary, but be sure to allow for flexibility as well. You want your meeting to be scheduled, meaningful and consultative even if that means veering off the original agenda.