Client Relationships
How Consistent Communication and Video Updates Strengthen Client Relationships
In a recent video, FMG’s Samantha Russell said,
“I always like to say that nobody fires their advisor for overcommunicating, but they might find a new advisor if you don’t communicate enough.”
Communication is critical in every aspect of our lives. Think about your marriage and your friendships—if you communicate, the road is clear. Fail to communicate, and relationships grow rockier.
When we established The McBride Group sixteen years ago, we began sending our clients a monthly email summarizing the performance of their portfolio for the month and year-to-date. We included our views on the stock market and current economic conditions. The idea was two-fold:
- Personalized communication
Our emails contain clients’ specific portfolio results. They know this is not a “boilerplate” email. And we are consistent. We never miss a month, and they appreciate that we are there for them—good markets and bad. - Putting market conditions in perspective
Early in my career at Merrill, our Chairman Dave Komansky gave some good advice:
“Your clients do not expect you to always be right, but they expect you to have an opinion.”
A Veteran TV Personality Takes Showbiz Skills to His Advisory Practice
Shortly after starting at Merrill thirty-four years ago, I began appearing on our local TV station, KFTY50. KFTY is gone now, but for the past seven years I’ve appeared regularly on the San Francisco Bay Area Fox affiliate, KTVU.
Ten years ago, we decided to combine our television experience with our advisory business. We now send clients an email with a professionally produced video—our Monthly Market Update—which includes their individual investment results.
These video updates have given clients something of a bespoke financial news program, completely catered to what they need to know. To our knowledge, we are the only firm in the United States doing this.
Opportunities to Go Above and Beyond
Email updates are always beneficial for adding a unique touchpoint each month. They help clients understand that you’re not asleep at the wheel. But when you go above and beyond, you create a deeper bond and relationship. Taking the time to deliver thoughtful, well-produced monthly updates has been a game changer for The McBride Group. Our clients love them.
Of course, production isn’t easy—many advisors already have full plates. That’s why I’ve decided to offer our RIA colleagues access to our videos and video-making expertise. As you work to build stronger relationships with your clients and nurture prospects, I believe these simple video updates can make a meaningful difference.
This year, we made the decision to reach out to our RIA colleagues and offer our videos for their use with clients, prospects, and professional relationships. We hope they take advantage of this and reap the same benefits we’ve experienced from establishing consistent lines of communication.
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