How do you deliver premium-level communications coverage to top clients when you’re spread thin in terms of time and administrative help?
That’s a question that came up last week when I was working with a team of advisers in Wisconsin.
One adviser said he serves 300 clients and is not really delivering the level of service needed by his most affluent clients, who have complex estate-planning and tax needs.
We discussed scheduling additional reviews each year for top clients and staying in touch.
The adviser calculated that he could conduct about 10-12 reviews each week, or about 150 per quarter, which would include allotting adequate time for follow-up, and still take care of the other demands and calls from his clients.
If that plan makes sense, let me share a client communications plan used by another adviser.
Dennis Slott, an adviser with Vestor Capital Corp. in Chicago, is holding dinners, lunches and wine tastings at local restaurants with his best clients this month.
The gatherings have been a very effective way to communicate with clients this summer and to have conversations that may not have taken place otherwise.
Advisers usually don’t conduct one-on-one dinner events, because of the cost.
According to Mr. Slott, however, local restaurants have been very accommodating on price; the
recession may be making such events economically feasible.
If the costs are still too high, consider a group event for your best clients.
One adviser I know supports a local charity cook-off event and invites all his best clients to attend or participate.
He co-sponsors the event, and he holds a brief welcome meeting to kick off the day.
It has become a client retention and referral opportunity.
Finally, if you didn’t e-mail a quarterly newsletter to your clients in July, do so now.
Call your firm’s marketing department or a loyal wholesaler for compliance-approved newsletters if necessary.
For the remainder of the year, consider the following:
September: Send e-mails or letters to schedule your year-end client review meetings and outline an effective process to conduct those meetings with your team.
One top adviser keeps Mondays open for administrative tasks, doing three-to-five reviews on Tuesdays and Thursdays and blocking the same time period on Wednesdays and Fridays for follow-up.
The goal is complete 10 to 12 face-to-face reviews each week, starting with top clients (go ahead and schedule more if you can).
The remaining clients can be done by phone or mail.
One top adviser does 10 reviews a day with clients in person and instructs his administrative team and junior partners to complete the follow-up and research.
They adhere to a very tight process, which has proved effective.
October: Send out your final quarterly newsletter for the year and continue with year-end reviews.
November: Complete year-end reviews and prepare Thanksgiving cards to be mailed the Friday before Thanksgiving.
These can be done by a card service, e-mail or with the help of an administrative assistant.
One adviser sends a conventional card to his top 100 clients and e-mails a card to the others.
December: Hold a holiday gathering for top clients and prospects tied to a local charity.
One more thing: Update or create a crisis communications plan so you don’t get caught short if the market suddenly tanks.
Here’s a quick outline: Have a list of your top clients ready for immediate calling. Second, identify who on your staff will make the calls. Prepare for biweekly updates once the crisis hits and review who might need an immediate crisis portfolio review.
Next week: How to use third-party white papers and research to serve affluent clients.
