Here's a paradox: It's been said clients feel they are getting good service if they receive 6+ "touches" a year. The best ones are face-to-face contact or phone calls. Clients want these touches to be meaningful. This means calling to sell something or say hello doesn't count. What to do?

10 reasons to pick up the phone or go see them

Here are some practical reasons to initiate contact with your client. Let's assume you are an agent or advisor doing insurance and/or investment business. Some clients are individuals. Others own a business too.

1. Status of asset allocation vs. model. Your client has equity and fixed income investments. There's likely a model aligned to their risk tolerance and financial plan. Because prices change daily, this is always moving around. You notice they are really out of balance because the stock market has been doing well.

Conversation: You might suggest rebalancing now, or you might wait until their upcoming portfolio review.

2. News related to stock position. You might say "I don't do individual stocks." They might own some elsewhere. You know about it through financial planning. Maybe it's stock in the company where they work.

Conversation: They own shares. Earnings were announced. Your analyst or the research the firm follows has an opinion. You are sharing it over the phone before sending the report.

3. Comparison to other firms. The stock is held at a competitor. You just shared that news about earnings. You ask what the advisor at the other firm said.

Conversation: You realize the stock isn't held with your firm, but this position is important to your client. You are politely asking if their advisor elsewhere is on top of things like you.

4. Portfolio reviews. You schedule reviews. You let them know how they are doing vs. their personal goals. You suggest ideas that require fresh money.

Conversation: When you put your eggs in a basket, it's important to watch the basket carefully. You appreciate their trust, but it's important for them to know how they are doing.

5. Retirement assets at employer. They have assets held away. Who pulls everything together to give them a complete picture? That could be you.

Conversation: In preparing for their portfolio review, you would like to see the assets they have in their retirement plan at work and what they own in their plan. This will help provide the full picture.

6. Outside assets. They have investments and insurance products like annuities with competitors. You want to try and give as complete a financial picture as possible. That's your rationale for calling and asking questions.

Conversation: "In your last portfolio review, we included investment assets held elsewhere. I'd like to update those numbers for this portfolio review. Can you send the statement over?"

7. Continuing education. They called. You weren't there. You were off at a course. You've called back.

Conversation: You were at a class studying for an additional professional certification (if that's the case). They might ask which one. It gives the opportunity to review your credentials in the context of how you can help them.

8. Seminars. You are holding a seminar addressing how tax law changes might affect clients' retirement. You call and invite them.

Conversation: Tax laws and Social Security play a major part in a client's retirement plans. It's one of those things that's too involved for one phone call. You are giving a talk and are inviting them to attend. They can bring a friend if they like. (It's a compliance-approved presentation, of course.)

9. Confidentiality. Remind them you don't talk about their business relationship. Here, you are anticipating a problem, addressing it ahead of time.

Conversation: You ran into a mutual friend you haven't seen for a long time. They were asking about your client's general welfare. You answered, but didn't mention business at all. The mutual friend might call your client, mentioning you and they ran into each other. "He told me all about you and what you're up to." Among friends that's fine, but business is taboo.

10. Confidentiality, revisited. Your client might sincerely want to help you grow your business. "Use my name anytime. That's OK with me." You thought about it and called them back to discuss further.

Conversation: Earlier they mentioned they wanted to help you get new clients. They volunteered that you could drop their name. You can't do that. Like doctors and lawyers, there's client confidentiality. Your client can tell people you work together, you can't.

Client calls don't necessarily need to be about ringing the cash register. They can be service oriented. Your client might say: "I'm glad you called. There's something I wanted to ask you about…"

Bryce Sanders is president of Perceptive Business Solutions Inc. He provides HNW client acquisition training for the financial services industry. His book, "Captivating the Wealthy Investor" can be found on Amazon.

READ MORE:

Instant Insights /

10 reasons to have ongoing conversations with clients

More From HR Executive

Related Stories

Recommended For You