The Elements

By Ironstone   |   July 29, 2014

5 Ways to Improve Communication with Clients

Categories: Blog, Client Database, Communication, Human Element, Operational Effectiveness

5 Ways To Improve Communication With Clients

Research tells us that one of the most common reasons for clients jumping ship to a new advisor is due to lack of communication; yet many firms don’t have a formal communication plan in place.

The number of ways to communicate with clients has transformed over the past decade – from a traditional mailing or phone call, to email, social media, audio recordings, and other virtual communication methods. With many different options available, one would think communicating has become easier. In retrospect, the challenge lies in determining which method or channel is best and how often to communicate with clients.

Advisors who have taken time to survey clients and prospects find a mix of communication preferences specifically between differing generations. Baby Boomers may prefer traditional mail while Gen X and Gen Y often prefer a tech savvy approach to communication.

Client communication is a key component in your business and marketing plan. A solid communication strategy will increase:

  • Client retention
  • Client satisfaction
  • Referrals
Creating a successful communication plan will enhance client relationships provided you determine what communication methods clients prefer and expect versus methods that are easiest for your firm.

Successful advisors have a communication process in place to strengthen relationships, provide valuable information based on client needs, and follow the communication preferences of clients and prospects.

Providing newsletters and market updates on a regular basis is a good practice and can typically be shared with your entire client database. To create stronger relationships and gain trust and credibility, provide targeted information based on client needs and through the communication channel of their choice.

Here are five ways you can improve your client communication plan:

  1. Survey your clients: 

    Determine your clients preferred method of communication by providing a menu of options of what you can provide – mail, email, group conference calls, podcasts, social media, etc.

  2. Pinpoint client needs:

    Provide educational material based on the needs of your clients and prospects. Generalized information is acceptable; however, understanding the challenges clients are facing and then providing them with specific and valuable information in relation to their challenges will position you as a go-to-advisor and increase your referral pipeline.

  3. Create a communication calendar: 

    Identify the type of information you will deliver, example: newsletters, market calls, and educational articles based on need. Provide updates to clients via their communication preference.

  4. Track email opens and clicks:

    Most email programs will provide data to determine what percentage of your emails are being opened. Resend your email to those clients or prospects that did not open the email after a 72 hour period. Tip – review your subject line and modify it to grab their attention.

  5. Talk to your clients:

    Take time to simply find out how things are going. Allow time for clients to ask questions and get to know them outside of “portfolio review time.”

 

How often do you communicate with clients and which methods of communication are working best for your firm?

The foundation of our Performance Coaching and Consulting Programs are based on Ironstone’s Fundamental 4™, which is essential to design, develop, and sustain a successful business. Our ultimate goal is to help you avoid trial and error; shifting your mindset to launch your process of intentional change. [LEARN MORE]

Photo credit: ©iStock/Getty Images/Thinkstock


Ironstone
Practice Management

Ironstone is a learning and development consultancy with business acumen that translates across many industries. Our focus is on practice management strategies in order to enhance and improve both business and personal life. We support professionals who want major and comprehensive improvements that look at all aspects not just an isolated area for change. Ironstone has identified 4 key performance areas known as the Fundamental 4™, which are required to design, develop, and sustain a successful business.


Leave us a comment, get our blog posts delivered by email, or email the Ironstone Team.

We would love to hear from you!

  • This field is for validation purposes and should be left unchanged.

Contributors

Andrea Schlapia
Organizational Development and Human Capital
Connie Deianni
Mentoring and Employee Engagement
Guest Blogger
Practice Management
Dr. Heidi Maston
Organizational and Educational Leadership
Joe Kuhns
Strategic Partner
Judith Bowman
Business Protocol
Laura Garfield
Idea Decanter Co-Founder
Marsha Schechtman
Strategic Partner
Mighty 8th Media
Strategic Partner
Nicole Anglace
Special Projects
Ruthann P. Lacey, P.C.
Elder and Special Needs Law
 Scott D. Calhoun
Legal Counsel
Sharon Gottula
Idea Decanter Co-Founder
TailorMade
Strategic Partner
Ironstone
Practice Management
close

Contact

Thanks for your inquiry!

We will be contacting you shortly. In the meantime please feel free to connect with us on social media and explore our blog posts.

Ironstone understands the importance of protecting your privacy. We will not sell, rent or give your name or address to anyone.

Latest Blog Article

What The Profit Teaches You About Your Financial Advisor Practice

I’m a huge fan of The Profit, a CNBC show centered around business guru Marcus Lemonis taking a struggling business and helping them turn it all around into profitability. Once he takes on a challenge and invests in their business, he now has skin in the game and deeply cares about getting their team on […]

Read More>