One of an advisor’s most important responsibilities is communicating with clients. On a typical day, an advisor may meet with new clients to discuss their financial goals, follow up with a client about a new account, send a reminder to another client about an upcoming meeting, check in on a client preparing for retirement, and more.
Communication is more than just checking a box that you reached out to a client — it’s the foundation of a strong client-advisor relationship. Nearly 90% of clients consider their advisor’s communication style and frequency when deciding to stick with their services.
What’s the best way to communicate with clients? It depends on the nature of the conversation and your client’s preferences. Here are four key channels advisors can use to communicate with clients.
Phone
Phone calls are a traditional method that still resonates with clients. One survey found that 45% of clients prefer phone calls over other communication channels. Phone calls allow for real-time conversations without the convenience of having to be face-to-face or on camera. This channel is excellent for quick check-ins, especially around major life events or follow-ups after a meeting. Phone calls are convenient for advisors and clients and can happen throughout the day, based on both parties’ schedules.
In-Person Meetings
Another traditional advisor channel is in-person meetings. This used to be the standard for all advisors and how nearly all clients expected to meet to discuss their finances. However, meetings moved online during the pandemic and haven’t returned to their pre-pandemic in-person levels. Clients and advisors realize the convenience of being able to meet face-to-face without having to travel to be in the same room.
In the past few years, the number of clients who meet with their advisor exclusively in person has dropped to 28%. But that doesn’t mean that in-person meetings are becoming obsolete. More than half of clients meet with their advisors in person and virtually. In-person meetings are especially useful for initial meetings to build relationships. They can also be a strong choice when the advisor or client wants to engage fully, such as when discussing sensitive or complex topics.
Email is likely an advisor’s bread and butter for client communication. Nearly three-quarters of clients say it is their preferred channel for communication. While email doesn’t allow for real-time back-and-forth like an in-person, video meeting, or phone call, it makes up for it in convenience. Advisors and clients can easily share documents and links to financial dashboards or recommended products and their commentary or questions for the other party.
Perhaps the biggest benefit of email is its convenience. Clients and advisors can send messages at any time or schedule them to be sent at a certain time of day. It also gives advisors time to carefully script or edit their message instead of having to think of something off the cuff on a phone call. However, email can be overwhelming, and nearly 70% of people feel overwhelmed by their inboxes. Sending too many emails or including too much information can overwhelm clients and cause them not to respond or even open the email.
Video Calls
Video calls and meetings are an increasingly popular communication channel because they allow clients and advisors to talk face-to-face without the hassle of traveling to meet in person. On a video call, an advisor can see the client’s facial expressions and body language, which can provide more insights into how they really feel about something. Video calls also allow for recording and screen-sharing, so both parties can re-visit the information later and remember the details of what was discussed. And with a growing number of transcription services, programs can automatically summarize a meeting for convenient note-taking so advisors have a record of what was discussed.
Virtual meetings also expand the number of clients an advisor can meet within a day. However, video calls are also notoriously glitchy, especially for clients who aren’t familiar with the platform. Be sure to test the technology and send clear reminders and connection instructions, especially for less tech-savvy clients.
Ultimately, the most effective communication channel is the one the client prefers. That means advisors may spend their days using a combination of these channels, so they need to be familiar and comfortable with each channel. Before you send a message or reach out to a client, consider their preferences and the type of message you want to send. With careful consideration, you can communicate effectively — no matter the channel.
No matter the communication channel, it’s important to keep records for each client. That’s where Docupace comes in. Our leading cloud-based document storage system integrates with dozens of financial platforms to create a customized, streamlined solution. Click here to learn more and schedule a discovery call.
