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How often do elite financial advisors communicate with their best clients?

How often do elite financial advisors communicate with their best clients? This is a question I get often because financial advisors are either feeling guilty about not talking to their ideal clients enough or a client has decided to leave them because of a lack of communication. Having a communication plan in writing can eliminate your guilt and client departures.



How many communications do my best clients want?

According to comprehensive research done by Business Health in Australia https://www.businesshealth.com.au (key-value drivers 2018 USA ), Ideal clients want 10 or more contacts per year. Those advisors who deliver 10 + communications per year, earn 68% more than advisors who do less than 10 contacts per year. Yet only 38% of advisors deliver 10 or more contacts per year, despite all of the technology and tools available to them. How many contacts per year do you have with your best clients? What happens when you communicate more with your best clients? A better understanding of clients, better relationships, referrals, and more revenue. Do you have a list of your ideal clients segmented? Is it your top 25 or top 100? The rule is to know where 80% of your revenue comes from! 

Improving your communications for financial advisors

First off take a look at the list below and determine the type of communication you want to do with your best clients and frequency.

Contacting ideal clients checklist ( remember always check with your branch manager or compliance officer before proceeding with any communication activity and get approval in writing)

___ Meetings per year – frequency per year ____ (coaching tip- 2-4 meetings per year, can be done online or face to face and name the types of meetings eg planning and goals, tax and investment risk and estate)

___ Non-investment communication -frequency per year ____ ( coaching tip- calling your best clients 2 times per year to touch base and ask one question, how was your summer? Building regular rapport)

___ Personalized emails -frequency per year ____ ( coaching tip- this can be a mass email sharing what is new with you, your team, and your firm, in a casual less formatted way, which builds tremendous loyalty)

___ Ideal client appreciation ___ frequency per year ( coaching tip- in the current environment, large events may be difficult, so small intimate client events produce rave reviews)

___ Ideal client feedback and events ____ frequency per year ( Coaching tip according to Business Health Pty Ltd only 15% of advisors have a formal feedback process, not just an online survey, and the financial professionals that do earn 52% more than advisors who don’t do feedback)

___ Newsletters with engaging calls to action __ frequency per year ( coaching tip – this is where you can deliver more communication to clients who want more communication, not all clients want it, but appreciate hearing from you. This is where the message is to join your webinar on updating your go-forward plan and ideas to think about in the coming year as a webinar. Most ideal clients will NOT join your webinar but appreciate hearing from you and knowing you are on top of the latest information, giving them more confidence in your and your team. It is what I call “delivering more confidence”)

___ Personalized communications and special events ___ frequency per year (Coaching tip- elite advisors are on top of birthdays anniversaries and special occasions such as Thanksgiving)

___ Special events ___ frequency per year ( Financial professionals are struggling to connect with people- Take the same events you did in the past and deliver them online. Be creative- also consider social distancing activities such as fishing, hiking biking, golf, picnics, depending on your area, and check with your compliance office)

___ Regular newsletters ___ frequency per year ( coaching tip- regular newsletters are not usually recommended for your best clients, since they are full of things to worry about. Unless it is personally written, and you get great feedback, don’t send to your best clients. These are usually reserved for prospects)

Now add up your communications to your best clients

The number of communication per year total _____ Is it 10-15 touches per year? If not, book time to work on your communication plans in writing. What technology do you need to enhance your communications? Now you know how to become an elite communicator from your ideal client's perspective. Now you can say to your best clients, prospects, and COI’s,” we have a process to deliver 10 or more contacts per year to our best clients”.

How about your goals for your practice in 2024?

Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/ 

Sample: Comprehensive Financial Advisor Practice Management Benchmarking Report

Key data and KPI's Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition? 

https://benchmark.getresponsepages.com/

Updated 2024 Technology Checklist for Financial Advisors 

This checklist is five years' worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients while running an efficient practice. 

 https://technology-checklist.getresponsepages.com/ 

We are here to serve your practice, let’s talk

Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting
Grant at grant@ghicks.com or click on the link to set up a no-obligation 20-minute
discussion https://my.timetrade.com/book/JMTNJ regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.

Grant Hicks, CIM, is President of Advisor Practice Management and co-author of “Guerrilla Marketing For Financial Advisors” 1st and 2nd editions. www.advisorpracticemanagement.com for speaking,
workshops, or coaching, contact Grant at grant@ghicks.com Grants combined financial advisor clients manage over 5 billion AUM, and earn over $50 million dollars combined! 

Enthusiastically yours,
Grant Hicks, CIM, President
Advisor Practice Management
www.advisorpracticemanagement.com 

PO Box 382 Lantzville BC V0R 2H0
Cell 403 970 8895
Email grant@ghicks.com 

To book a meeting click here https://my.timetrade.com/book/JMTNJ 

PS Where do you want your financial practice to be at the end of 2025? AUM, Revenue, and time off? 

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