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August 07, 2014 at 01:26 PM
We have become so accustomed to uninterrupted growth in the market since the lows of 2009. However, with some recent market drops, it is probably about time to revisit your client communication strategy. After all, what is it that we do for a living, if not communicating with the people we serve?
Study after study reveals that clients leave their advisors not because of poor performance, but rather a lack of effective communication.
With these recent market drops, now more than ever, it’s essential that you take a look at your communication process. I’ll say it again, the communication process. No, I am not suggesting that you must “predict the unpredictable” or “time the un-timeable”. Instead, I am simply suggesting that you ensure that you are using a specific communication process to help your clients understand what happens when the inevitable comes.
Markets will go up and they will go down – but, the communication process can help teach and accommodate all extremes for the benefit of our clients.
Are you managing your communication tools as well as you claim to manage clients’ investments? I’m not talking about just answering the phone when they call, or responding to that worried email. No, by then it’s too late.
What I am talking about is a system of communication tools that prevent those worried calls and show your clients exactly what you are doing to help them take advantage of times of prosperity, and protect them against times of scarcity.
How can you do that? Well what better way to say it than to give you an example. The following email was sent to our clients during a recent market drop, reiterating the core principles behind the Four Dimension Review Process we use to ensure our clients are well taken care of.
As you read, please note that this email is in addition to our monthly six-page custom newsletter, our regular client social events, frequent in-office education events, scheduled progress reviews, and more. When I suggest you communicate, I put my money (and time) where my mouth is. I suggest you do the same.
Here is the text of the email I sent:
Greetings,
I hope you are enjoying a strong finish to the week. While you may be, the stock market is not. Yesterday, the market dropped almost 2% and it’s down about a half percent today as I write this. Because we have become so accustomed to uninterrupted growth in the market since the lows of 2009, this is a great time to revisit our investing process and ensure that we’re on track to reach your goals.
