April Week 4: Follow-up communications plan

IN Practice for April: Creating and maximizing a client advisory board
This week: Executing a follow-up communications plan

Background
Here’s what we’ve done so far. In Week 1, we identified your board focus and invited eight to 10 key clients as members.
In Week 2, we developed an annual calendar with quarterly board meetings.
Last week, we made sure your quarterly advisory board meetings would be memorable, enjoyable and have take-away value for the members — who are your most important clients.
We explained how by focusing on topics of interest to your board members, such as preserving and transferring wealth or heart-healthy cooking, you can create meetings that members appreciate and that promote their sharing of good ideas for your business.

This week
It’s now time to execute. The following suggestions will help ensure that you position your practice properly at every board meeting and reinforce your board members’ willingness to continue as a resource — and bring a friend or colleague (referrals) to your next meeting.

Tips to make your meeting successful
• Schedule meetings for the same day of each quarter, such as the first Thursday.
• E-mail the agenda a week in advance and place a reminder call the day before the meeting.
• Hold your meetings at an upscale location such as a conference room at a luxury hotel or at a private club.
• Send a recap with the action steps and date for the next meeting.
• Empower your board by having them assist with product research or speaker recommendations.

After the meeting
At each board meeting — after your group has warmed up, gotten to know one another and taken part in the activity you arranged — there should be a time set aside your questions. Be sure to ask whether your practice sufficiently focuses on client needs. What services or products would your group like you to offer? What are their worries about their wealth? Has anything happened over the last few months that concerns them? What are they hearing from their friends that you might clarify for them?
Note their questions and make adjustments to your practice after the meeting.

One month after the meeting, send a letter or e-mail informing board members of the steps you’ve taken. Finally, when sending invitations to your next board meeting, include a recap of the suggestions from the previous meeting and the implementation steps you’ve taken. All clients are impressed by follow-through, and your board members will appreciate that you’ve heeded their recommendations.

At each meeting, close by sharing your practice’s positioning:
“The goal of my practice is to provide my clients with wealth management services that enhance their lifestyles and provide solutions. My practice strives to provide customized solutions with unbiased advice by partnering with outside resources. With your input, I can better understand the needs of my clients and implement services you need.”

One top adviser I know has found his client advisory board to be invaluable in helping his business grow. When he established his board, his goal was to double assets under management. Thanks to board members, he is on track to do so in the next three years.
Here are two successful steps he’s taken that resulted directly from recommendations of board members:

1. The adviser added a May tax review session with the top 20% of his clients. This meant scheduling meetings with 44 of his 220 clients — in addition to the year-end reviews he was already conducting. But the effort paid off. One client review uncovered substantial assets that were transferred to the firm and used for a college-funding program.

2. Because childhood diabetes was a concern to members of his board, the adviser created a charitable event for the disease — his town’s first annual Fighting Children’s Diabetes 5K walk/run. The key to the event’s success was involving the local hospital and his clients in the planning and execution. In addition to the run, the walk/run included a healthy breakfast followed by educational sessions for parents and children. The first run supported his clients’ cause and generated 20 solid new business referrals.

IN Practice for May: Branding your practice as a turnkey retirement resource

Maureen Wilke has helped thousands of advisers increase the value of their businesses. The founder of Wilke Associates Inc. (www.connectedadvisor.com) in Glen Ellyn, Ill., Maureen has spent nearly two decades in executive positions in wealth management, sales and training. She has been associated with several highly regarded firms, including Nuveen Investments, and currently advises many product and advisory firms on issues of practice management and adviser productivity.

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