How do you get more referrals from your clients? It’s simple: communicate with them more often.
Think about it: how often do your clients hear from you? Consider every point of contact you make with them, including portfolio reviews, emails, client events, etc.
We average five or six times monthly per client. Seems like a lot, right? But when you break it down, it’s not hard to do.
Here’s how we stay in touch with our clients:
- Weekly market update, via email (four times a month)
- Two large client events yearly
- A number of smaller, intimate client breakfasts. We limit these events to 20-25 people, and on average, our clients attend three per year.
- Portfolio reviews every 30-45 days
Excluding portfolio reviews, our clients hear from us via emails and events an average of 4.5 times monthly.
Clients with aggressive portfolios get reviews every 30 days, conservative portfolios every 45 days. You can see how easy it is for us to get in front of our clients five or six times a month. And that doesn’t even include our client webinars we host several times per year.
Why is consistent communication important?
Poor communication is one of the leading reasons advisors lose clients. That’s one way we will never lose a client. Our communication style gives our clients the ability to brag to their friends and family about us. When their friends complain about their portfolios or the market, our clients can confidently tell their friends that they are confident in the direction of their portfolio because they hear from us a lot.
So, think about your client communication. How can you improve it? What can you add to it? By improving communication , you will receive higher retention, more referrals, and higher satisfaction from your clients.