Client Communication

Client Communication

February 22, 2024

Client Communication - this is the MOST important part of operational efficiency, at so many different levels.  When you have an open and transparent dialogue with your clients, you are better able to manage expectations, strengthen your relationship with your clients, and insure that you have a lasting relationship with them, their family and their friends (Read: Referrals).

A few things you can do in terms of client communication are:

  1. Explain the timeline and onboarding process to new clients
  2. Communicate with your clients when they will get paperwork and in which format they will receive paperwork
  3. Communicate when you need the paperwork returned to you 
    1. walk them through the process on how to fill out paperwork
    2. make sure they have contact information with someone on your staff that they can reach out to if they ever have questions
  4. Let them know when you have received the paperwork back from them, when the account is open and when the account is funded
  5. Manage their expectations of annual meetings, miscellaneous paperwork they will receive in the mail, the process for updating account information, etc.

These are just a few highlights that you can follow for opening up new accounts for clients, but the same concept can be applied to annual review meetings, client appreciation events, liquidation events for specific investment types, or your availability in the office.

The take away here is transparency, constant communication (also knows as Drips), and keeping the lines open between you and the clients.

I would love to hear about any other helpful tips you may have, as this will benefit all advisors and clients within our industry.

And I would be remiss if I didn't put on my Compliance hat and remind you to document, document, document.  Make sure that you are using firm approved methods to correspond with your clients.  Make sure you are reporting written Incoming and Outgoing Correspondence in accordance with FINRA rules.  Make sure you have notes in your client files about any verbal conversations you have with your clients.  Documentation is key for keeping a good, clean practice.  I will dive more into this topic at a later time.