Personal finance

11 Ways Top Financial Advisors Engage Their Clients

How to improve client engagement when your clients don’t want to engage.

Client engagement is an ongoing exercise for financial advisors. Crazy though it may be, not everyone likes to think about financial planning all year long. And with summer right around the corner, customer engagement is only going to get harder. To help you keep your clients engaged even during the slowest months, try one or more of these client engagement tips from top financial advisors.

Next:First, understand your clients’ contact expectations. Credit

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First, understand your clients’ contact expectations.

In her first meeting with clients or prospects, ShirleyAnn Robertson, a financial advisor with Prudential in Schaumburg, Illinois, makes a point of finding out how much advisor contact a client wants. Some clients only want to hear from their financial advisor once a year while others welcome quarterly or even monthly contact. The key is understanding from day one how to manage this expectation, she says. “From there I can design my database to have each person in the right category for the level of touch they want,” she says. Then the work begins on moving them up the customer engagement tier.

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How to improve client engagement when your clients don’t want to engage.

Client engagement is an ongoing exercise for financial advisors. Crazy though it may be, not everyone likes to think about financial planning all year long. And with summer right around the corner, customer engagement is only going to get harder. To help you keep your clients engaged even during the slowest months, try one or more of these client engagement tips from top financial advisors.

First, understand your clients’ contact expectations.

In her first meeting with clients or prospects, ShirleyAnn Robertson, a financial advisor with Prudential in Schaumburg, Illinois, makes a point of finding out how much advisor contact a client wants. Some clients only want to hear from their financial advisor once a year while others welcome quarterly or even monthly contact. The key is understanding from day one how to manage this expectation, she says. “From there I can design my database to have each person in the right category for the level of touch they want,” she says. Then the work begins on moving them up the customer engagement tier.

Make it personal.

If you know your client has a birthday or event coming up, reach out to them to let them know you’re thinking of them. “It’s personalizing yourself to that person that makes them go, 'Wow, you remember everything,'” Robertson says. “I say I remember important things for important people.” Keeping a strong database is key in this regard. Advisors can’t expect to remember the birthdays of their hundreds of clients, but your database can. Fill it with little nuggets you can use to make your clients feel special to keep clients engaged.

Host a client appreciation event.

To keep her clients engaged, Robertson hosts quarterly client appreciation events. “Nobody likes to feel like they’re being sold,” she says. So she tries to find softer ways of inviting them in. Maybe it’s a wine and cheese event or dinner. During the summer months she’ll make it a barbeque, complete with games for the kids. She schedules so clients can come and go as they please. She always follows up these events with a phone call on Monday to thank clients for coming by and to say, “Our next meeting is not scheduled until this date. Should we be working on anything for you in the meantime?”

Schedule next generation meetings.

When the kids are out of school, it can be even harder to get your clients into the office. During summer, make financial planning a family event by inviting the kids to join a meeting. Summer is “a great time to introduce them to and get them interested in financial planning,” says Ken Thompson, head of Trust & Investments for TD Wealth. “Offer to provide resources to help parents discuss financial topics and provide services to children based on their parents existing relationship.” You could also extend a client entertainment invitation to your clients’ families, such as the kids or a less-involved spouse, he says.

Meet them online.

When it gets hard to lure your clients into the office – such as when summer weather has them longing for anywhere but an office – Julie Genjac, managing director of Strategic Markets at Harford Funds in Kirkland, Washington, suggests using WebEx or Skype to set up virtual meetings. “That way, they don’t need to take time away from the beautiful weather, their travels or family,” she says. “You can still stay in touch and they can still share with you any updates or changes to their situation.”

Offer an “upgrade.”

Another software-related customer engagement strategy is to offer a software update. “Clients may have joined you a few years ago when the firm's capabilities were limited and now the services have expanded,” Thompson says. For example, if you now offer mobile technology, give your clients a call to see if they’d like an “upgrade.” Who doesn’t love free upgrades? (Except when they come from Microsoft, that is.)

Get them talking about themselves.

“Our business is predicated on understanding who our clients are and what they value,” says Jessica Jones, a financial advisor at Edward Jones in The Woodlands, Texas. To fully engage your clients, you need to know what’s most important to them. The best way to uncover those core values is by listening. “I find it helpful to repeat back to the client what they said and practice attentive and active listening,” Jones says. “Listen to understand, not to just speak.” The better you actively listen, the more likely your clients are to continue sharing. And for advisors and their clients, sharing is engaging.

Reiterate your value proposition.

Values go two ways: There’s what your clients value and the value you provide as their financial advisor. When business is slow, this can be a great time for FAs to reiterate their value proposition, Genjac says. “Remind clients that even when they are out traveling and spending time with family, you are overseeing their portfolio and financial plan,” she says. “Reassure them that they can take the time to focus on the things they love because even when they don’t hear from you, you and your team are proactively managing their situation.”

Share nonfinancial tips.

When people’s minds are on things other than financial planning, the best way to engage your clients may be by joining them. Rather than just contacting them to talk business, check in periodically to share other valuable resources related to what’s more likely to be front-of-mind, Genjac says. Share your favorite picnic or grilling recipes during summer or a book or article talking about a vacation destination. “You could even take it a step further by partnering with a local dermatologist, and sending clients information on how to protect themselves and their loved ones from UV rays with proper sunscreen, eyewear and clothing,” she says.

Send client satisfaction surveys.

When your clients seem to be disengaging, it can be a great time for client satisfaction surveys. “Simple meetings to gather feedback from a client on what they like and dislike about the service model can lead to an even more honest and transparent conversation,” Thompson says. “It is a true opportunity to understand from a client's point of view what they know about your firm's offerings.”

Make client engagement a team sport.

Perhaps the most important element of customer engagement is the tone of your office and staff, Robertson says. The tone your team sets “transcends how much your clients will engage with you.” She makes sure her staff radiates the same tone and energy she uses. “The key is I’m always reinforcing and encouraging and thanking my team,” she says. She also leverages her team to help her keep client details straight. “They’ll drop a sticky note on my desk saying don’t forget her birthday is tomorrow or remind him to buy a gift for his wife,” she says. Client engagement is about making them feel like part of the family.

11 client engagement tips from top financial advisors.

Understand your clients’ contact expectations.Make it personal.Host a client appreciation event.Schedule next generation meetings.Meet them online.Offer an “upgrade.”Get them talking about themselves.Reiterate your value proposition.Share nonfinancial tips.Send client satisfaction surveys.Make client engagement a team sport.1 of 14

Coryanne Hicks, Staff Writer

Coryanne Hicks is an investing reporter for U.S. News & World Report. She is an expert at ...  Read more

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