The focus for most advisers over the next three months will be on executing client reviews and completing the follow-ups. This is the most important service an adviser can perform for clients in today's market, so don't clutter your team's calendars with other activities. When done right, client reviews are an effective business builder.
A range of articles and surveys indicate that affluent investors are considering moving assets. Don't miss this opportunity to meet with top clients and uncover new assets, relationships and referrals.
Last month,
we outlined a plan and shared best practices from advisers regarding client reviews. I have received e-mails from advisers asking for help with time management, so that will be our focus this week.
Next week we will have an outline of a communications calendar along with a best practice for client reviews shared by an INPractice reader. If you have a strategy or suggestion to improve and maximize client reviews, please
e-mail me.
* Remember to take a targeted approach. There are not enough hours in a day to do in-person reviews with all your clients. Keep your calendar blocked for reviews and consider setting aside a few hours in the morning and some in the afternoon. Give clients specific choices and make it easy for them to agree to a time slot. The fewer choices you give clients, the more likely they will be to schedule an appointment. Block out on your calendar the days of the week when you will complete the reviews. Consider adding a weekend or evening if the weekdays are not working out.
A review calendar will set clear expectations for all clients, prioritize top clients and hopefully help you complete year-end reviews by the holidays. This will let your team focus on year-end needs and hold a holiday charity event.
* Schedule your top 50 clients with an e-mail or phone call. Pick a day that week and then ask if morning or afternoon is better, reserve a time, and e-mail an agenda and reminder. Allow enough time (60 to 90 minutes) to complete each review and do the follow-up either right after the meeting or the next day during the same time block. This has worked well for many top advisers, and if you visit a successful physician's office, you will probably see this same time-management scheduling technique.
Other advisers have asked for help in finding industry white papers or research papers to share with their clients at review sessions. Here are some tips:
* Start with the marketing department at your firm and the wholesalers visiting your offices. Many distribution teams offer a range of timely communications on diversification, risk management and asset allocation. These are designed to be conversation starters for client reviews and to open on a positive note. Supplying such information is a proactive approach.
* Tap into organizations such as the Money Management Institute. Its recently released white paper, “Understanding and Managing Investment Risk: A Resource Guide for Prudent Investors,” was written by industry experts led by Jay Link, chairman of the MMI Risk Management Committee, and addresses events leading to the global economic and market downturn. It details how to identify the key risk factors for investing, how to understand them and how to employ strategies to mitigate risk in the various phases of investing. Check with your firm to see if it is an MMI member and if the white paper has been approved for use. If you have access, the white paper is available in the members-only section at
www.mminst.org.
To get the most out of third-party resources, find a few timely pieces that have been approved by your compliance department, read them to have talking points and share them with clients, especially the affluent clients you want to lock in.
The markets have been challenging, and reviews may not be good news. However, use this opportunity to show clients your leadership and the value your practice brings to them. This is an opportunity to turn things around with clients, even when the outlook seems bleak.
A recent industry article indicated that many advisers are frozen when it comes to reasons to be working with clients. Use the strategies we have covered to thaw clients' concerns and objections. Don't lose your best clients to another adviser. At the end of each review and after the follow-up is completed, ask for a referral. If you have 50 top clients, you should be able to generate 50 new referrals.
Next week: Building a communication plan.
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.
