How Frequently Should Advisors Meet With Clients? (2024)

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How Frequently Should Advisors Meet With Clients? (1)

Jay Coulter, CFP®, CIMA® How Frequently Should Advisors Meet With Clients? (2)

Jay Coulter, CFP®, CIMA®

Investment Strategist | Consultant to Financial Advisors & Firms | Podcast Host: Resilient Advisor & Investment Insights

Published Feb 3, 2024

This is a topic I got wrong for a while. Really wrong.

I think systematically. It is a byproduct of spending most of my corporatecareer on the institutional side of the industry and being a Kolbe 'Fact Finder.'

When I started my consulting firm I brought an institutionalapproach to the systems I presented to my Advisor Clients.

These Client Communication Systems did not get results.

They were completefailures!

After some analysis, the reasonsI identified were clear:

  • They were not Simple
  • They were notCustomized for the Client
  • They were notCustomized for the Advisor
  • They did not allow for Planning Objectives

Look at these findings from a recent Morningstar survey.

  • Meeting more than Quarterly did not result in additional client satisfaction.
  • There are Advisors who meet with clients on an Annualbasis. There areAdvisors who meet with clients on a Weekly basis!There is not a 'Right' answer.
  • There is a clear bell curve with Quarterly Meetings a clear mid-point.

How Frequently Should Advisors Meet With Clients? (3)
How Frequently Should Advisors Meet With Clients? (4)

Takeaways:

  • Customize the frequency of client meetings based on client expectations, that you set in advance.
  • Simplify and Customize your internal systems to execute with efficiency.
  • The starting point asyou build your system should be Quarterly meetings, and then adjust based on client expectations.
  • If you are providing Financial Planning, consider pre-determined Planning Objectives for each meeting.
  • If you would like to learn how to add Planning Objectives to your Client Communication System, join me for a FREE webinar I am hosting with Michael Lecours, CFP® ours from fpPathfinder. (Link)

The Saturday Note How Frequently Should Advisors Meet With Clients? (5)

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