Financial Advisor Best Practices: Contact Strategy

Best Practices for Financial Advisors: Contact Strategy

Continuing our series on “Best Practices for Financial Advisors,” this post centers on something all FAs should have: a Client Contact Strategy.  

Numerous studies have shown that one of the biggest complaints most clients have is that they don’t hear from their financial advisor enough.  That’s important, because the number one reason clients leave their advisor is dissatisfaction…often with communication or service. 

Neither of these facts is particularly surprising, right? 

On the other hand, clients who do hear from you are more likely to trust you.  They’re also more likely to make you their “sole provider,” as well as more likely to provide referrals. 

Creating a “Client Contact Strategy”

So how do you address this potential issue?  One way is to follow this key Best Practice:

Ensure every client and prospect receives a personal contact from someone in your office at least once every 90 days. 

If that sound daunting, don’t worry: you don’t have to personally contact each client every 90 days.  Read the Best Practice again:

Ensure every client and prospect receives a personal contact from someone in your office at least once every 90 days. 

It’s okay – in fact, it’s preferable – to have your Sales Assistant make what I call “90 Day No Contact Calls.”  All they have to do is follow this short little script to get the call going:

“[ClientName], this is [AssistantName] with [AdvisorName]’s office.  [AdvisorFirstNaCreating a Client Contact Strategyme] asked me to call with a couple of quick questions for you.  Do you have a moment or two?” 


That’s it.  As long as clients know that you personally directed your assistant to call, the client will be satisfied they are hearing from their advisor.  That removes the potential “biggest complaint” we discussed earlier. 

How to get the most out of 90 Day No Contact Calls

Of course, there are a few other things your assistant should ask on every 90 Day No Contact Call:

  1. Ask if there have been any changes in the client’s life recently, whether financial or otherwise. This can help you find potential money in motion or business opportunities, like if the client got a raise, received an inheritance, or sold a piece of property.  It can also help you find ways to build goodwill…for instance, by sending a condolence letter if a beloved family pet recently died.  (Yep, you even send condolence letters for pets!)
  2. Ask if the client has any questions or concerns about the markets, their portfolio, or their account. This way, you can find any potential service issues before they become service problems.  It also shows your client you have their well-being in mind. 
  3. Promote a referral. Note that I didn’t say “ask for a referral.”  The difference?  Asking for a referral goes like this: “Who do you know that might need financial advice?”  Asking makes clients uncomfortable and rarely leads to anything.  Promoting goes like this: “By the way, if you ever know anyone who needs help with their finances like we help you, please don’t hesitate to let us know.  We love getting more clients just like you!”  Click here to read more about the best ways to promote referrals.  

By doing this every 90 Days, you can solidify your relationship with clients, protect your business, uncover new opportunities, and generate referrals. 

That’s what you want, isn’t it?

How Bill Good Marketing Can Help

  • Our Gorilla CRM software enables you to easily track who has been contacted in 90 days, and who is overdue.
  • Our “90 Day No Contact Script” makes your contact calls simple, easy, and most of all, productive.
  • Our “Referral Conversations” strategy gives you multiple ways to effectively promote referrals over the phone.

Want to improve your contact management?  Curious to see how we can help? 
Call Jill Webster at 888-495-7303.  She’ll send you a FREE copy of our Contact Strategy white paper.  You can also learn more about creating a Contact Strategy by clicking here.  


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