Seeking Alpha

7 Tips To Better Financial Advisor Client Engagement

by: Jack Waymire
Jack Waymire
RIAs/IARs Digital Mktg Svs:, Investor Referrals, Websites, Branding and Content
Summary

Everyone has an opinion - don't make the mistake of undervaluing the importance of customer feedback.

Forming a comprehensive communication plan will help you meet annual contact goals as well as facilitate a better experience.

Hosting client events at least twice per year is a great way to reconnect with them.

If you are not already following your customers on various social media platforms, it is time to reconsider.

As an experienced financial advisor, you are likely aware that your existing customers are one of your most valuable assets. That is why financial advisor-client engagement strategies are vitally important. Not only just for the referrals your clients might share, but also for cross-selling your financial services and products to them. Once you have client-engagement, you don't want to lose it. Unfortunately, many financial advisors make the grave mistake of letting this happen.

Fortunately, it is possible to learn how to actively reengage your customers and set yourself apart from the competition. In addition to bringing you more business, it will help you solidify positive working relationships with your current clients. If this sounds like your situation, keep reading - here are a few tips to help you effectively engage or reengage with your clients.

"Happy Birthday to You….!"

Everyone likes being remembered on their birthday. This provides an easy opportunity for engagement and will set you apart from the businesses who fail to reach out. If you do not have your customers' birthdays on file, do a little research and add them to your calendar or preferably your CRM. From there, set an automatic reminder to ensure you never miss an opportunity. The fastest and most efficient way to reach out is to send them a birthday email. However, if you have some long-term clients or others that you are particularly fond of, you can always send a physical card in the mail. Trust us, they will appreciate the sentiment.

Everyone has an opinion

Unfortunately, far too many businesses make the mistake of undervaluing the importance of customer feedback. This is a shame because nothing makes a customer feel more valued and important to a business than knowing their opinion is valued. The questions you ask could apply to the quality of your products and services or even something more broad such as the state of the industry. No matter the topic, your customers will feel valued and most will be happy to convey their experiences. Additionally, their responses will give you a better perspective of how your business affects their lives, enabling you to tweak various aspects and provide better customer service. If you find that you are regularly swamped and it is difficult to keep track of who you have requested feedback from, create an email schedule so you can automate your feedback requests.

Asking for Referrals

This tip makes excellent use of the two birds one stone approach. In addition to helping you reconnect with your current customer base, you can also generate new leads. All you have to do is call your current customers and ask them to introduce you to any family or friends who might be able to benefit from your services. This approach does require a bit of persistence and dedication - however, the results will definitely pay off.

Create A Closer Connection With Current Clients

Trust doesn't just materialize out of the blue, which is why taking the time to develop an authentic connection with your clients and prospects is key. However, doing so will take a little bit of work on your end. First, you will need to create a segmented list of clients based on the value they bring to your business. Next, determine how frequently you have contacted customers in each group. Take extra care to notice any patterns. From there, make sure you are able to deliver the level of service your clients expect. Finally, implement a tracking protocol to ensure that all of your clients' needs are met. Forming a comprehensive communication plan will help you meet annual contact goals as well as facilitate a better experience for your current customer base.

Keep in mind that there are an infinite amount of ways you can communicate with your clients, which is precisely why segmenting them is beneficial. Use the input gleaned to help you determine the best methods of engagement.

Using an effective CRM can be a trusted aid to these efforts as most of the communication you will be doing can be set up on auto-pilot. Many CRMs allow for personalization which is important.

Host a client event!

Exclusivity is always an effective means of engagement. In addition to helping your customers feel valued, hosting client events at least twice per year is a great way to reconnect with them. Organizing the events around themes your clients and potential clients (because you want them to bring a friend, right?) find most intriguing will ensure they show up. These events can be fairly easy to set up: rent out a conference space, or have it at a restaurant, and invite everyone. This will ensure they feel valued and give you a chance to connect with them every six months.

Share Some Written Inspiration

Do you have a business-related book or eBook that has inspired you and spurred various ideas? Have you written a really great financial handbook that will help your clients to meet a specific financial goal? What better way to meaningfully reconnect with customers than by sending them a copy? In addition to making them feel valued, this could facilitate a meaningful exchange of ideas that could inspire both of you in unexpected ways. Additionally, this is a great way to set yourself apart from other companies who may also be practicing outreach tactics. Beyond that, the book or eBook will serve as a reminder for your product or service, encouraging your client to think of you whenever they look at it.

Follow your clients on social media!

If you are not already following your customers on various social media platforms, it is time to reconsider. This will give you an easy means of keeping in touch with them as well as provide you with valuable insight into their interests and proclivities. Even better, sharing their content on your own page will help you build better rapport and strengthen your professional bond with them.

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.