The Fact:
High priority clients hear from their advisors on a monthly basis and an average of eight of those contacts are direct (either face-to-face or by telephone). For the average client, direct contact drops to five meetings a year. Low priority clients can expect one face-to-face and one telephone meeting.

The Implications:
The average client contact plan demonstrates that contact between segments can be differentiated in a number of ways: the total number of meetings, the split between face-to-face and telephone meetings and the responsibility for contact. Advisors, however, must ask themselves two questions. Is the level of contact appropriate based on the value of the client, and are there sufficient resources to consistently deliver this level of service?

The Idea:
Establishing client contact levels starts with the advisor. If setting contact goals is left to the client one of two things will occur. The preferred contact level will be too high relative to the value of the client and result in mismatched expectations. Or, the preferred contact level will be too low given the needs of the client and result in missed cross-selling opportunities. Set your goals, commit those to paper in the form of a service agreement, review that document with all clients during your next review and formalize the commitment by having both parties sign the agreement. Remember, however, that memories are short, so review your agreement on an annual basis as a two-way report card, highlighting follow-through for both you and your client.

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.