We all know that relationship management can sometimes fall by the wayside. You spend most of your time putting out fires and taking care of the everyday minutiae of business. Beyond that, if things are going smoothly, there is not a lot of impetus to maintain frequent contact as you are frequently faced with the question of “What is there to say?” Conversely, when times are bad, the anticipation of painful questions can be enough to make the dentist seem like a pleasant alternative (sorry, dentists, but it is true). Unfortunately, this is when clients would most like to hear from their advisor and also the time when it is critical for retention’s sake to stay in touch.
This was proven out in the financial crisis and recession of 2008 and 2009. Many wealth management firms were reluctant to reach out to their clients, fearing that they would be unhappy and questioning. However, high-net-worth clients whom we have surveyed wanted to hear from their advisors and get their perspective on the situation. While there is no guarantee that a client with whom you have communicated will stay, the more personal your relationship the greater your chances.
So, remember, in good times and bad, pick up the phone, zip out an email, keep up the centralized thought leadership and just KEEP IN TOUCH.