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.
