March Week 4: Rolling out the plan

IN Practice appears on the web and in IN Daily every Monday. Comments and questions are welcome at IN Editor@InvestmentNews. IN Practice for March: Implementing an Effective Communications Plan Weekly steps: Week 1: Identify your top clients. Week 2: Select the plan components. Week 3: Build a communications calendar. Week 4: Roll out the plan to staff and clients. Background: Over the past three weeks, we've identified your top 20 to 50 clients and come up with a comprehensive communications program for reaching your top 20% of clients (who account for 80% of your business or more), as well as a basic communications program for the remainder of your clients. Last week, we filled in the year's calendar with activities and communications efforts for each month. What to do this week: Now that you have the month-by-month blueprint for your two semi-annual reviews, a financial seminar and a lifestyle event - as well as for regular communications efforts including your quarterly newsletter - it's time to share your communications plan with your team and top clients. Meet with your staff to present the final plan. Make sure each person on your team understands his or her role and responsibilities, and what they have to do in order to get started. Send out a letter or e-mail to your top clients with the top client meeting dates. Your top clients (the 20% who represent 80% of your business) will see this 'announcement' as reinforcement of the fact that they are important to you. One successful adviser I know starts every quarter with an e-mail reminder to his top clients on the communications they can expect. It tightens his communications and builds relationships. Throughout the year, review the plan with your team, but be sure to discuss issues or problems as they arise. Change the plan to meet changing needs. Follow up with your clients, too; they will have valuable feedback for you. Be sure to ask them if there's something that they'd like to learn more about or receive in a different format. Put a good communications plan in place, commit to it, and positive results will follow. Next week: The first of April's four-part program on creating and maximizing a client advisory board. Maureen Wilke has helped thousands of advisers increase the value of their businesses. The founder of Wilke Associates Inc. (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.