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How Frequently Should Advisors Meet With Clients?

Updated: Mar 2

This is a topic I got wrong for a while. Really wrong.


I think systematically. It is a byproduct of spending most of my corporate career on the institutional side of the industry and being a Kolbe 'Fact Finder.' 


When I started my consulting firm I brought an institutional approach to the systems I presented to my Advisor Clients.


These Client Communication Systems did not get results. 


They were complete failures!



After some analysis, the reasons I identified were clear:


  • They were not Simple

  • They were not Customized for the Client

  • They were not Customized for the Advisor

  • They did not allow for Planning Objectives 


Look at these findings from a recent Morningstar survey.


  • Meeting more than Quarterly did not result in additional client satisfaction.

  • There are Advisors who meet with clients on an Annual basis. There are Advisors who meet with clients on a Weekly basis! There is not a 'Right' answer. 

  • There is a clear bell curve with Quarterly Meetings a clear mid-point. 




Takeaways:


  • Customize the frequency of client meetings based on client expectations, that you set in advance. 

  • Simplify and Customize your internal systems to execute with efficiency. 

  • The starting point as you build your system should be Quarterly meetings, and then adjust based on client expectations. 

  • If you are providing Financial Planning, consider pre-determined Planning Objectives for each meeting.



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