Updated Tuesday, September 30, 2014 as of 10:06 AM ET

Client Relationships: 6 Essential Points of Contact

What is the ideal number of times to be in touch with clients each year? It's probably higher than you think.

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Comments (3)
unfortunately the author doesn't answer the question of how many times to contact the client. There used to be a study that was done every 3-5 years that addressed that very question. The number changed but it was always close to 26. All of the author's types of communication counted but interestingly official communications didn't (i.e. statements, confirms, privacey notices, prospectuses etc.). The communication had to be relevant to the client's goals and wishes not just required by law.The
bottom line is that good communication ALWAYS starts with listening.
Posted by Jack N | Wednesday, January 08 2014 at 2:22PM ET
Personally I have found that a client service day really works for both my clients as well as my team. This is a day dedicated to that particular client wherein we discuss change in objectives, change in strategies, change in the financial environment which could have an impact on his portfolio, change in expectations, fee discussions and the like. This has been much appreciated by our HNI clients.
Posted by tasha123 s | Thursday, January 09 2014 at 12:14PM ET
Jack - You are correct that I did not address how many times to contact a client. I'm sorry I did not make it explicit - it depends on the client preferences. Some, like newsletters and other mass communications, are usually done on a practice wide basis while others, like meetings and phone calls, can be tailored to the client. Ask the clients how often they want to have meetings, calls, etc. And then ask your client advisory board how often they want things like newsletters and what they want in them. Frequently interesting and always valuable. And, yes again, I did not include official communications like privacy notices because clients do not perceive any value in them so they don't contribute to the perception of service. Portfolio reports maybe but statements probably not.

Tasha - The client service day sounds like an interesting idea! Can you tell us a little more about how you conduct one?

Thanks to both of you for taking the time to contribute!
Posted by Stephen W | Thursday, January 16 2014 at 9:11AM ET
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