The Fact:
Advisors differentiate contact with clients in order to provide higher levels of contact to top priority clients and make relationships with low priority clients more efficient. For example, of the average of eight proactive meetings the average advisor holds with top priority clients, five are by phone.

The Implications:
In order to manage larger books of business and ensure that all client relationships are profitable, advisors must find more efficient ways to manage average and low priority clients. This will mean that telephone meetings and e-mail contact will increase in importance for these groups.

The Idea:
There are a number of ways to differentiate contact with clients, including the amount of direct contact, the number of face to face meetings vs. telephone meetings and the responsibility for the relationship. Further, top priority clients can receive additional attention through client appreciation and educational activities. You may find the simplest way to set goals for contact is to establish a time commitment for different client segments. For example, an ‘A’ client will take 12 hours a year and a ‘D’ client will take one hour a year. From there you can determine the best way to meet your goal. For example, it is almost impossible to meet your ‘D’ client goal with face to face meetings. Instead you might hold telephone reviews or delegate responsibility for the relationship.

The Next Step:
The Business Success Kit provides you with the tips, tools and templates that you’ll need to enhance practice productivity and profitability. It’s the most practical and comprehensive guidebook available for financial advisors. For more information, visit www.caifastore.com and click on the Business Success Kit.