For example, I have a client for whom I created a comprehensive plan almost two years ago. Having done this, I know a great deal about him. I do not manage his assets; he does. However, since planning doesn’t require the same frequency of contact as asset management, I am not in touch as much as I’d like to be. I’m only in contact with him when we need to update his plan. How do I keep my name in front of him, so that when he’s ready to hand off the task of managing his accounts, he will think of me?
Another case is found in the individual for whom I do manage his assets and have done a financial plan, but who is not as motivated to update it. Even though I believe it is in the client’s best interest to update the plan annually, if the client doesn’t agree, then it doesn’t happen.
One more situation is found in the client who has assets with me, but for whom I have not created a financial plan. How do I get them “on board” with the planning process?
Then there is the task of managing current clients: making sure you do account reviews at the right time and making sure you update financial plans on schedule. Keeping track of all of this is important and requires a systematic approach.
Here’s how I intend to keep track of it all and it centers on my contact management system. I use ACT. I have categorized clients as either A or B. I conduct portfolio review meetings with A clients quarterly and with B clients semi-annually. I have also established queries so I can easily pull up the following clients: financial planning clients, portfolio management clients, and clients for which I do both. Then, I can easily send an e-mail to targeted groups. I will also follow this same process with prospective clients.
I’d be happy to hear your reaction to my process, and for you to share your own.