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How do often do elite financial
advisors communicate to their best clients?
How do often do elite financial advisors communicate to 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 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 do earn 68% more than advisors who do less than 10
contacts per year. Yet only 38% of advisors have 10or 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? Better understanding of clients,
better relationships, referrals and more revenue. Do you have a list of
your ideal clients segmented?
Improving your communications
for financial advisors
First off take a look at the list below and determine the type of
communications 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 t 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 ( coaching tip- due to the pandemic,
a lot of special events have been cancelled. 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
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 clients perspective. Now you can say to
your best clients, prospects and COI’s ,”we have a process to deliver 10 or
more contact per year to our best clients”.
If you would like help on your
communications, contact me at grant@ghicks.com
for a 30 minute discussion on how to implement more communication or click
on our online calendarclick the following link https://my.timetrade.com/book/JMTNJ
and let’s talk.
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