World-Class Ideal Client Communication Strategies for Financial Advisors

When supply increases, value drops. That is why communicating to the mass affluent looks all the same. Similar newsletters, Similar client review meetings, and similar experiences. If you want to deliver a world-class communication strategy for your top ten clients and your top ten prospects, here are a few ideas.

It starts with feedback

Before you go spend any time and money on enhancing your ideal client communications, map it out on paper and share it with your best clients. Consider doing a luncheon as a client appreciation and feedback event to brainstorm with your best clients and your team on the following ideas and strategies. At the very least, your best clients will see how hard you’re working on your business and will want to introduce you to people who they feel are not getting world-class communications.

Confidential feedback tools

You can give feedback by using an online tool or survey like MailChimp. But the problem is that you don’t gain any valuable insights because people don’t want to upset their financial advisor, so you don’t get what you’re looking for, which is how to improve your communication. Consider one-on-one feedback questions ( e-mail me if you’d like a copy grant@ghicks.com ) Or use a third party that sends it out and collects the information confidentially. I work with a firm that can help you and your firm with that. 

Progress update meetings

One of the questions I get all the time is how often should I meet with my best clients. This is the subject of another blog, but the question should be: how often should I communicate with my best clients? Have a communication protocol in writing. In meetings with ideal clients and ideal prospects, you should have a communication protocol. This is a one-page illustration that maps out all communications clients can expect in a calendar year. Hint: the best clients are looking for a minimum of 10 touches per year, and only 33% of financial advisors are delivering it. The ones that do deliver more than 10 touches earn more than 68% more revenue than advisors that don’t. ( Source business health Australia future ready 2022 www.businesshealth.com.au ) Do you have your communication protocol in writing?

Blog or newsletter?

Clients usually sign up for a newsletter, and prospects usually sign up for a blog. Is it the same message, or is it 2 messages? Most newsletters I read are generic and are aimed at everyone. Think of it this way. If I am one of your best clients, I don’t want a newsletter that makes me worry about things such as tax markets, the economy, etc. I want less worry. That is why I hired you. I would want it educational and inspirational. Send all the things to worry about to prospects. Your blog to prospects should let them know what they don’t know. For example, your checklist of things that you do that most of your competing financial advisors don’t offer. E-mail marketing still works. If you don’t agree, just check your inbox.

Clients want to hear your voice

Hearing your voice gives your clients confidence in times of volatility and concern. Some financial advisors I work with do a regular client video so clients can hear their voices on a consistent basis. Other financial advisors do non-investment communication. Non-investment communication is calling your best clients and working on the relationship by asking a simple question, “Hey, what are your plans for the summer?’ It’s the same conversation you have when you have a progress update meeting by catching up. Only you’re doing it more often. For example, you may have two meetings per year and two non-investment calls per year. Non-investment calls build more loyalty than anything else you are doing for communications. Adding two non-investment calls this year will enhance your communications. Remember to let clients bring up business first, as the call is not about business; it’s about building a deeper relationship.

Webinars to educate

The pandemic is over, and most financial advisors stopped doing webinars. The best financial advisors are continuing to do webinars to educate their best clients and prospects. For example, managing wealth in the last little while has been challenging. Educating people on different alternative strategies or planning ideas that you would like to discuss with your best clients and prospects can be done quicker through webinars. How many webinars do you have planned this year?

Client appreciation events

When I sold my financial business, I highly recommended to the advisors to continue my two open house client appreciation events per year. In a future blog, I will discuss client appreciation events. How many client appreciation events do you do with your ideal clients and ideal prospects each year? Remember always check with compliance before proceeding with any marketing activity.

List of communication strategies

__Start with the client feedback process

__Progress updates process to deliver more value 

__Communication protocol process- yours, not theirs

__10 plus touches process 

__Blogs and newsletter process

__Video as well as email process– hear your voice

__Webinars process to educate – eg alternative strategies

__Non-investment communication process

__ Client appreciation events process 

“Practice management is about three things, process, process, process” Grant Hicks, CIM 

Remember, this is ideal communication. It is your first-class cabin on your plane and is reserved for your top ten clients and your top ten prospects who pay you the most and deserve the most value. If you would like a conversation on how to build your world-class ideal client communication feel free to e-mail me at grant@ghicks.com or click on my calendar link below

Our Practice Management resources – Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management benchmarking report

Key data and KPIs, over 30 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 2023 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.

This article was originally published here and is republished on Wealthtender with permission.