How Frequently Should Advisors Meet With Clients?

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.