The Fact:
Many financial advisors have set client contact goals that are physically impossible to deliver with current resources.

The Implications:
Advisors have embraced the need to differentiate contact between client segments and many split contact between face to face and telephone meetings to increase efficiency. Based on an average client base of 410 clients and contact goals identified in last week’s Business Success Tip, the average advisor would have to hold approximately 20 face to face and 29 telephone meetings a week over a 42 week period. Assuming all clients are met and including a reasonable amount of time for preparation, 43 hours would be dedicated to managing existing client relationships, an impossible situation by any standards.

The Idea:
Before you communicate your service goals to clients, do the math. Calculate the number of meetings that you will need to hold each week and the hours that you will spend, as a result, on managing client relationships. The calculation simply involves multiplying the number of clients in each segment by your contact goal for that segment. Honestly assess how many weeks you have available each year for client contact and then divide that into the total number of meetings. You can then set specific weekly meeting targets and determine if you need to lower contact expectations, delegate contact or hire additional resources.

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.