Firms need to communicate better with their valued advisers

Firms need to communicate better with their valued advisers
When firms fail to interact properly, advisers are tempted to find a partner that will.
NOV 07, 2019
There are a host of reasons why advisers choose and then ultimately stay with — their firm, with geography, culture and product availability being among the most common. Perhaps no consideration, however, is as important as service. While defining "great service" can sometimes be elusive, advisers clearly know when they are not getting the service they expect. When that's the case, the culprit is often poor communication. Whether it has to do with a new regulation or internal policy, advisers don't like surprises. For instance, as business owners, advisers understand that market pressures could force pricing changes. What they don't appreciate is being in the dark when shifts like that occur. Indeed, when firms are open and honest about why they are making modifications to rules or policies, advisers are far more willing to accept them. Conversely, when firms fail to communicate potentially business-altering changes properly, advisers are tempted to find a partner that will. Here are some key tactics to help ensure clear communication with advisers: ​ Go beyond email. Whenever there is an important regulatory or internal policy rule change, nearly every firm will deliver it via email. The problem with that approach is that advisers are busy people and can't (and don't) open every message they get. They prioritize clients, so correspondence from their broker-dealer has a way of finding the trash folder — especially if firms have a habit of sending email either too frequently or about frivolous matters. If you know that a change will have a profound impact on an adviser, have a member of the home office call the adviser directly, letting them know what is happening and why, and to be on the lookout for an email that will provide further information. While this sounds like a tall task, firms that have insight into individual practices can pull it off. [Recommended video: Joel Bruckenstein: Expect new financial planning firms to emerge after so much M&A] Host annual events outside national conferences. Annual conferences, no doubt, are great for relationship building. But let's face it: not everyone wants to attend a national conference, which can be costly and are often staged thousands of miles from home. Gatherings a couple hours away could be a different story. As a complement, therefore, firms should consider holding regional meetings nationwide. Meetings like this tend to be more intimate, offering advisers genuine access to senior leaders and firms the chance to expand the number of touch points with advisers each year. The result is more open, respectful lines of communication. In-house visits: One of the biggest adviser complaints goes like this: "I've been with you for 20 years, have you ever been to my office?" In-person visits not only show advisers you care about them and their businesses, but it allows them to learn how the latest firm news or offerings will impact their practice, whether it's asset management platforms, practice management support or policy updates. Ultimately, firms should apply the same approach to service as advisers have with their top clients: You go to them, don't make them come to you. ​ Tammy Robbins is vice president of business development at ProEquities Inc. , a Birmingham, Ala.-based firm.

Latest News

RIA dealmaking accelerates as three firms hit AUM milestones
RIA dealmaking accelerates as three firms hit AUM milestones

Wealth Consulting Group, Coastline and Maridea report fresh capital, acquisitions and asset growth as advisor M&A keeps climbing

VastAdvisor closes $1 million SAFE round from advisor-side backers
VastAdvisor closes $1 million SAFE round from advisor-side backers

Carson Group's Dani Fava, Jason Pereira of Woodgate Financial, and Sally George of Convergency Partners led the raise as the growth-tech startup builds out its AI platform and leadership bench.

Wells Fargo adds three advisor practices as recruiting rebound continues
Wells Fargo adds three advisor practices as recruiting rebound continues

New teams from William Blair, Ameriprise and UBS bring more than $560 million in combined client assets to the firm's employee and independent channels.

UBS will pay advisors 'handsomely' for banking starting next year
UBS will pay advisors 'handsomely' for banking starting next year

Regulators this year approved UBS Bank USA’s conversion to a nationally chartered bank.

SEC accuses Tricolor executives of hiding $800 million collateral hole
SEC accuses Tricolor executives of hiding $800 million collateral hole

How a subprime lender’s car-loan bonds allegedly unraveled before bankruptcy.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income