What is the top reason clients switch advisers or consider switching? It is not portfolio performance or fees. It is a lack of deep understanding and communication.

One of the best ways to overcome that hesitancy and build strong relationships with clients is through regular meetings. Regularly checking in with clients is a win-win for advisers and clients because advisers gain a better understanding of their clients to provide improved service, and clients receive answers to their questions and feel confident about their investments. One survey found that 71% of clients who are contacted frequently are very comfortable with their financial plan, compared to just 22% of clients who receive infrequent communication.

Nine out of 10 investors say the frequency of adviser communication plays a big role in their likelihood to stay and make a referral. But how often should you meet with clients? Let's dive into different types of meetings and how often they should occur.

Touch base quarterly

The general rule of thumb for advisers is to touch base with clients every quarter. One survey found that 80 percent of clients want to be contacted at least every three months. These meetings can happen in person, through a video call or on the phone. What matters more than the agenda, format, or amount of time spent is that clients have a space to ask questions and receive any clarification they need.

The quarterly check-in is a chance to remind clients that you are there for them and to follow up on any questions from previous meetings. Not sure what to ask about? These topics can be good starting points:

• Major life milestones that have happened recently (or that will happen soon)
• Updates to the client’s accounts or investments
• Guidance for market or regulatory changes
• Checking on the progress of accounts to reach the client’s goals
• An opportunity for the client to ask questions about their finances, goals or any concerns

As you connect with clients multiple times throughout the year, you can gain a fairly accurate understanding of their lives, goals and challenges, enabling you to answer questions before they escalate into larger issues.

Review the portfolio once each year

In addition to quarterly check-ins, it is also important to hold a regular portfolio review to evaluate if the client’s current portfolio meets their needs. FINRA recommends meeting with clients for a portfolio review at the same time every year to make changes when needed. While many advisers take a more casual approach to quarterly conversations, annual reviews tend to follow a set agenda. The goal of these meetings is to assess the client’s life, goals and finances over the past year and evaluate whether their accounts and investments remain the best options.

Check in with clients about any major life events that happened in the last year, such as job or salary changes, marriage or divorce, new children or grandchildren, death of a spouse or dependent, or large real estate purchases.

From there, walk through the client’s portfolio, making sure to cover these topics and stay open to their questions:

• Investments - check the balances and progress of the accounts and evaluate if they are in line with the client’s goals. If the market has changed throughout the year, funds may need to be reallocated to hit the right balance and risk levels. If income has changed throughout the year, transfers and transactions may also need to be adjusted.
• Tax planning - tax law changes regularly, so be sure that the client’s current portfolio is optimised for the most current tax year. This can include moving funds to other accounts or making income-based adjustments.
• Estate planning - check that the client’s life insurance, beneficiary preferences, and will and trust are accurate. Changes throughout the year may lead to adjustments, such as adding or changing a beneficiary. It is especially important to evaluate estate planning if the client faced family changes during the year.
• Retirement planning - retirement is a major goal for most clients. During a portfolio review, check if they are on track with their retirement savings goals or if anything needs to be adjusted to get them back on the right track. A client’s view of preparing for retirement may change as it gets closer, so listen to their concerns and answer any questions as needed.

Be available to answer questions

Just because an adviser checks in with clients quarterly and meets to review their portfolio once a year does not mean they are off the hook for all other client communication. Questions arise and changes happen outside of regularly scheduled meetings. That means advisers need to have open communication channels and be available to address concerns and questions.

Ensure clients are aware that they can contact your firm or office via email, phone, or in-person visit, and that they will receive a prompt response. Reliable and open communication channels foster trust.

Ultimately, meeting and communicating with clients is all about relationships. This meeting cadence is a recommendation, but it can be adjusted based on the various needs and situations of your clients. A strong client relationship is the foundation of your success, and it starts by communicating and building trust.

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