Most clients connect good service with ongoing communication. Conversely, one of the major reasons clients give for leaving is lack of communication. Everyone wants to feel they are an important client or at least getting attention. Being responsive to client requests is important, but good advisors are great at outreach. How can you connect with clients?
1. Seeing them face to face. Personal contact is always the best. It helps advisors to “read” clients. You have plenty of options. You can meet at their home or office. You can take them out for lunch. They can visit your home. Because of the pandemic, people might be hesitant to meet in person. Video calls aren’t a perfect substitute, but they are the next best thing.
2. Talking on the phone. Meetings can be difficult to set up, but calls can be immediate. They can be scheduled or spontaneous. If something is going on in the market, news breaks or something in the portfolio needs attention, you can pick up the phone and call. The client knows you are on the ball. I’ve found getting straight to the point is a trait valued by busy people. They are more likely to take your call if they know you will be brief.
3. Sending e-mails. Phone calls require either immediate attention or returning the call after hearing the message. This means contact is restricted to office or daytime hours. E-mails can be answered at midnight or whenever the client has time to focus their attention. They can be saved and addressed later. They can be personalized.
4. Publishing an e-newsletter. Many advisors go this route. I’ve seen some excellent examples. One local RIA does an excellent e-newsletter. I literally stop what I’m doing to read it when it arrives in my Inbox. It tells me what the market did last week and why. It tells me what economic data is coming out next week and when. I often try to message back, thanking them for sending this along. Another advisor sends an e-mail that is a newsletter, but it isn’t. It’s a couple of short paragraphs about “what I’m seeing out there.” His low-key style kept clients morale up when the market had it’s dark days years ago. Clients know he is looking after their interests.
5. Mailing letters. Physical letters have staying power. They stand out too. So many people have moved to electronic communication, resulting in jamming those channels. Everyone is shouting at once. Meanwhile, your mailbox is almost empty! You might clip a newspaper article, sending the cutting along with a note. This communicates, “I’m paying attention to what’s important to you.”
6. Texting. Many people prefer texts to e-mail. It’s instant messaging, popping up on your phone and demanding attention. E-mails tend to pile up, because you receive so many. You need to get your point across in few words, which can work in your favor. It’s a great way to confirm meetings or confirm something was done.
7. Social media. Everyone uses it now. Firms encourage it. You can post content, establishing you as a subject-matter expert. It keeps your name in front of people. You can do messaging too, similar to e-mail. I prefer messaging, because there’s no guarantee someone will see what you post to the feed, yet messages go directly to your connection.
8. Priority Mail. It’s been around awhile. Express Mail came into regular service in 1977 and the Priority Mail flat rate envelope debuted in 1991. Despite it’s age, there’s still a sense of urgency when one arrives. It gets people’s attention.
There are many ways you can connect with a client, showing them you are paying attention and value the relationship.
Bryce Sanders is president of Perceptive Business Solutions Inc. He provides HNW client acquisition training for the financial services industry. His book Captivating the Wealthy Investor is available on Amazon.