Breaking Down The 2024 Advisor-Client Communications Survey

March 21, 2024, 11:00 am

A strong communication strategy is the key to your success and growth. So, when it comes to your communication approach, are you losing or retaining clients?

In this webinar, Chief Evangelist of FMG, Samantha Russell, and President & CEO of YCharts, Sean Brown, shared the importance of communicating consistently, plus tips for getting the most out of your communication strategy.
The YCharts Communication Survey Findings [3:08]

The YCharts Communication Survey Findings [3:08]

  • Almost 800 advised individuals participated in this survey.
  • The overarching theme is that clients need and want more from advisors.
  • Less communication leads to lower confidence and understanding.
  • Less of your conversation is resonating with clients.
  • High-value clients want more communication.
  • Advised clients to personally manage a portion of their investments.


The Consequences of Less Communication [11:24]

The Consequences of Less Communication [11:24]

  • Clients want more frequent communication from their advisors more than ever.
  • Clients are changing or contemplating changing advisors at a rate higher than ever before.
  • In 2023, 75% of respondents either considered switching or switched advisors.
  • Previously, between 2020 and 2022, 47% had either switched advisors or thought about doing so, showing a notable increase in comparison.
  • The frequency of advisor communication directly affects client comprehension and retention.
  • 74% of surveyed clients personally oversee a portion of their investments. This goes to 85% of clients who express a desire for frequent contact with their advisors.


Enhancing Communication Techniques for High-Value Clients [20:04]

Enhancing Communication Techniques for High-Value Clients [20:04]

  • 85% of respondents said increased frequency and personalized communications would boost confidence in their advisor.
  • 88% said it would influence their decision to continue their advisor’s services.
  • 89% said it would increase the likelihood of referring their services to family and friends.
  • 43% of high-value clients prefer to communicate with phone calls and video chats.
  • Clients value your financial perspective, and they want more advice on Investment Opportunities (52%), Market Trends & News (48%), and Interest Rates & Economic Insights (43%).


 Long-Term Communication Improvement Strategies [25:20]

Long-Term Communication Improvement Strategies [25:20]

  • Explore new channels and topics
  • Champagne vs. Sparkling Water: Everybody wants to feel like they are your champagne client, and while you can’t give that to everyone, you can give them “sparkling water.” Make them feel important. Find a reason to send a personalized email saying something kind.
  • Consistency is key.
  • Prioritize Your Clients and Their Goals: Clients are all different, and we know that. The more you know about your clients, the more relevant and tailored your communications with them can be.


Bullet Proof Marketing Ideas [29:31]

Bullet Proof Marketing Ideas [29:31]

  • Email is still king. (61% of respondents want to receive advisor perspectives on the market via email.)
  • Have an email schedule but also share big timely news.
  • Shift your focus to client-centric language: (1- Use the words and phrases your clients and prospects use 2- Focus on “You” statements rather than “I” or “We” statements 3- It’s not about you…it’s about what you can do for them)
  • Be specific about your target audience: (1- Use messaging that will help your prospects self-qualify 2- Get creative and be specific in your wording)
  • Ensure you are easily accessible: (1- Don’t hide your contact information 2- Stop making it hard for people to book a time 3- Show up in their inbox and social feeds)
  • Keep your messaging simple: (1- Don’t overthink it, use your words 2- Write so a sixth grader can understand you)


Supplemental Resources:

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