Upgrade Your Client Communication
Advisors who are unsure of how to upgrade their communications with their clients should turn to their branch managers for support and guidance. --Chris Parisi and Matthew Leung
Regular communications can go beyond simply helping advisors to counsel clients more effectively. They can lead to more business for the advisor, both from the client and from the client's network of family and friends. Thirty-nine percent of branch managers said that meeting with current customers to review financial plans was a very effective way to build one's business; only "referrals from clients and other professionals" was cited more often (41%). In identifying the most effective business driver for advisors, one branch manager said that no marketing can beat portfolio meetings—and added that financial reviews and portfolio updates will pay off more than other activities.
Advisors who are unsure of how to upgrade their communications with their clients should turn to their branch managers for support and guidance. The branch managers recognized that sitting down with clients is not always easy, but they insisted they're available to help. In fact, the branch managers ranked "superior client service" as the most important attribute that they bring to advisors, followed by their ability to recruit and retain talent, and the ability to provide mentoring skills.
-At MainStay Investments, Chris Parisi is a managing director and head of national sales, and Matthew Leung is a director and head of practice management programs, in Communication Is Critical in Challenging Markets
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