The challenge: Last week we focused on outlining a communications plan. If you haven’t yet mapped out your plan, go back and put your calendar together right now using the ideas we shared last week.
This week, we’ll focus on executing that plan — even under the strain of today’s operating environment.
The solution: Follow the practices of top advisers who have concentrated their communication efforts on their best clients (and realigned resources to do so) while automating communications to lower-tiered clients. To communicate with both ends of the client spectrum, top advisers employ technology to make processes predictable, sustainable and repeatable. They avoid the trap of crafting new communications for each client. Here’s what to do:
Update your contact management system. Have an intern update your client database, making sure you have current addresses, e-mails and phone numbers for all your clients. For the top 50 or 60 clients and prospects, have the intern call to obtain the information; for the others, send an e-mail. The intern should complete this project in three weeks.
Track inbound calls. Keep track of your clients’ calls to you over the next three days and note how your firm responds. Your policy should be to personally call back top clients immediately and have an administrative assistant personally follow with lower-tier clients or use a templated e-mail (see below) to let them know they will be contacted soon. This process saves you phone calls.
Email communications. Create three email templates for client communications. Use one for a quarterly newsletter, one for inviting clients to reviews and one for the follow-up after reviews. Have these approved by your compliance department and stick with the plan. In my experience in reviewing advisers’ communication efforts, this is inevitably where plans fall short. Advisers never have the time for execution! If communications are not being mailed out because of the lack of internal resources, send e-mail and use a vendor such as
Constant Contact to send out your e-mails if your system can’t handle it. You can make your quarterly communications a turnkey package by attaching an investor-approved PDF newsletter or white paper from your firm or wholesaling team to the e-mail template and sending it out the first business day of each quarter.
Create a top-client communications site. This sounds complicated, but it isn’t. An easy way to get started with little cost is to join a social networking site like
LinkedIn and set up a group site for your top clients. Your site will allow them to meet each other and communicate and follow-up after seminars and client events. The beauty of LinkedIn is you can create a high-level site with little effort, your top clients can use it for networking and you build links to your top clients’ family, friends, and colleagues with their permission. Now you have a referral network to help you add new clients just like your current top clients.
Take action. Get started now!
Next week: Outsource administrative tasks cost-effectively
Maureen Wilke has spent 20 years in marketing and wealth management with firms including Nuveen Investments and Sequoia System International. She has worked with thousands of advisers to increase the effectiveness of their practice and has developed The CONNECTED Advisor practice management system to help product distribution teams and advisers on practice management strategies. Sign up for the free Stay Connected newsletter at www.connectedadvisor.com.
