Financial Advisors, How Much Client Contact Is Too Much?

It’s been researched many times and the results tend to be about the same no matter what type of company is conducting the research; financial advisors need to contact clients about 20 times a year to retain them.  But what type of contact is appropriate and won’t be viewed as excessive by clients?  Here is a short list of ways to keep in contact that won’t be a ‘turn-off’ to your clients: 

1. The once a year, bi-annual, or quarterly call- This is a personal call (not text message) where you invite the client to come in for a review of your accounts or are checking in with them regarding any changes to their personal information, etc. Counts for 2-4 contacts.
2. Monthly Newsletter- Find a newsletter provider that utilizes current technology to make the information interactive and relevant to the reader helps to position you as an expert. It helps to solidify your relationship with the client because they gain knowledge from the information and your face is kept in front of them.  Choose a provider that customizes your newsletter with your logo, photo, and information, and provides you with both a web-based, dynamic version and a print version.  Feel free to check out ours at www.freshfinance.us . Counts for 12 contacts.
3. Birthday Contact- Wishing someone by a phone call or card continued health, happiness, and prosperity on the day of their birth is appropriate with most clients. Remember to be sensitive to religious preferences.  Counts for 1 contact.
4. Thankful For Your Trust- The best time of year for this type of contact, usually by card, is in November close to Thanksgiving time. Expressing your gratitude at this time is acceptable from a business and personal perspective because religious preferences are not an issue.  Counts for 1 contact.
5. Annual Review- This should be scheduled during one of your calls to your client. This is the actual meeting where you review polices, financial accounts, etc.  Because of the detail and agenda of the meeting, this is truly where you will solidify the relationship with your client.  If you aren’t conducting the annual review, you should be; being face to face with your client is priceless! Counts for 1 contact.
6. Client Appreciation- Hosting and inviting all of your clients to your yearly celebration of appreciation is an event that should occur each year.  It can be as simple as a week of stopping in for cookies, or as large as a one night bar-b-que sponsored by you at a local park.  Regardless of the expense and scale, inviting a client to the event will be remembered.  Counts for 1 contact.