What’s the sweet spot for client-advisor touchpoints in a year?

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Portfolio performance, while important, isn’t often a client’s top concern.
Most clients don’t even know the specific numbers, says Jeff Gans, chief executive officer of Advisor Solutions by Purpose in Toronto. Instead, clients want to feel confident about their financial future, which means they prioritize advisors who show they care and understand them and can keep their finances organized.
That’s where touchpoints come in.
Advisors can build confidence in their services throughout the year by reaching out to clients proactively to show they continue to think of them and their financial goals. More often than not, these touchpoints lead to “long-term retention, a willingness to refer and a deepening [relationship] with the client,” Mr. Gans says.
The appropriate amount of touchpoints with a client will vary, but Mr. Gans has seen some advisors look to hit as many as 100 touchpoints a year, which would be the top end of the spectrum.
According to Julie Littlechild, founder and CEO of Absolute Engagement in Toronto, “the quality of the touchpoints matters more than the quantity.”
However, demographics can often indicate what a client might prefer. If portfolio reviews are one touchpoint, younger clients – whom Ms. Littlechild defines as those under 45 years of age – will likely want to meet more often, but they’re also content with shorter meetings and virtual meetings. “It’s not necessarily more time, but [meeting] more frequently,” she says.
Younger clients also typically prefer touchpoints they can engage with directly, such as a live webinar, whereas older clients tend to prefer reading articles, she adds.
The ideal number of touchpoints will be influenced heavily by a client’s wealth, life stage, interests, needs and concerns. And personalization matters. In the case of sending educational information via e-mail, it’s not about the number of articles an advisor sends but rather providing content that’s relevant, she says.
For Ms. Littlechild, the future of personalized touchpoints is tech-enabled.
“If I said to an advisor who has 150 clients to share content based on the interests of those clients, their head would explode,” she says.
But there is more marketing and engagement technology today that can capture clients’ interests and automate touchpoint communications, she adds.
Aaron Hector, a private wealth advisor with CWB Wealth in Calgary, has created a template to keep tabs on touchpoints, which he describes as a calendar of tasks he would do normally throughout the year for his clients.
Using a spreadsheet, Mr. Hector can tally up the touchpoints each client receives a year – currently ranging from nine to 23 – to ensure clients are “hearing from us on a frequency that keeps us top of mind and lets them know that we’re looking after them.”
If the number of touchpoints a client receives is looking too lean, Mr. Hector will consider doing something special to ensure the client is getting value. That could be a simple catch-up call, a coffee meeting, or more elaborate recognition such as having celebratory scrolls delivered to clients who hit significant marriage anniversaries or milestone birthdays (the scrolls can be ordered online from various levels of government).
Not every touchpoint needs to be a conversation, he says. An e-mail update can suffice in letting clients know an advisor is thinking of them. For example, after the federal budget was released in April, he sent out his own budget commentary to clients, including how the changes to the capital gains inclusion rate may affect them – an issue many were concerned about.
Another touchpoint strategy Mr. Hector uses is contacting clients in November and December of each year to see if they might need proactive tax planning.
Face-to-face communication once a year for clients outside his home base in Calgary is also key. Mr. Hector makes annual trips annually to Vancouver Island, Kelowna, B.C., and Edmonton to meet as many clients in each location as possible.
Mr. Gans says advisors should get creative with touchpoints by bringing in outside experts who can speak to client interests.
“A lot of advisors think they have to be the one talking to the client,” Mr. Gans says. But advisors don’t always have to develop their own content.
For example, one advisor he spoke with is considering bringing in a veterinarian to speak to dog-loving clients. These communications can occur through an e-mail, webinar, podcast or in-person meetup.
Mr. Gans adds that clients should have a say in how many touchpoints they want a year. Advisors should connect with clients annually and ask them what they want the relationship to look like. That way, you’re not touching base too much or too little, he says.
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