As part of the Acceleration® series, our Maximizing Client Relationships module will guide you through the steps of developing a long-term approach to client service and engagement.
You’ve spent time and effort building your business and acquiring a solid client base. Your next step is
to ensure client longevity, loyalty and value from
your existing relationships.
Nurture the best assets your business has
Next: Planning guide
Spending your time on the right people and prospects requires a thoughtful strategy and a client service model that will support not only your business growth, but your clients’ overall satisfaction, as well.
Setting your objectives
Planning guide
Client
segmentation
Identify your communications
model
Build your communications
calendar
Activate
your model
4/4
Activate your model
3/4
Build your communications calendar
2/4
Identify your communications model
As you begin to define your client communications model, you’ll want to consider a tiered approach that helps you focus on your most profitable clients. Take a moment to review your existing client base and start by segmenting them into three categories of A, B, C — high-priority, top tier; good, second tier; and lower, third-tier clients.
Each level will require a different service model and percentage of your time.
Things to think about: This might also be a good time to identify clients to remove from your active client list. Letting clients go is never easy but may be necessary in order to help your business grow in the long run.
1/4
Client segmentation
Next: Checklist & timeline
Follow these five steps to help you
create your communications road map.
Creating your plan of action
Checklist & timeline
Next: Tools & guides
Getting the most from your client meetings
Tools & guides
Next: Building relationships
Client meetings are a critical component to your business success and your best opportunity to build loyalty, trust and confidence. A well-executed meeting, whether in-person or virtually, can not only uncover new business but can influence overall client satisfaction. Start by putting yourself in your clients’ shoes and understanding their expectations.
Review & follow-up
Have any questions?
Next steps
Contact your wholesaler
Program overview
Planning guide
Checklist & timeline
Tools & guides
Review & follow-up
Next steps
Program overview
Planning guide
Checklist & timeline
Tools & guides
Review & follow-up
Next steps
Program overview
Planning guide
Checklist & timeline
Tools & guides
Review & follow-up
Next steps
1
Source:
1. Keller Center Research Report, Baylor University, “Maximizing the Benefits of Customer Referrals,” December 2019; Summarized from research by Christophe Van den Bulte, Emanuel Bayer, Bernd Skiera, and Philipp Schmitt (2018), “How Customer Referral Programs Turn Social Capital into Economic Capital,” Journal of Marketing Research, 55(1), 132-146.
High-net-worth individuals set a high bar for expectations of their advisors’ comfort and skillful use of technologies and tools for communication.
3/3
1
Source:
1. Keller Center Research Report, Baylor University, “Maximizing the Benefits of Customer Referrals,” December 2019; Summarized from research by Christophe Van den Bulte, Emanuel Bayer, Bernd Skiera, and Philipp Schmitt (2018), “How Customer Referral Programs Turn Social Capital into Economic Capital,” Journal of Marketing Research, 55(1), 132-146.
Because every touchpoint between your business and your client affects the customer experience, it’s vital to deliver the highest quality customer care through every channel, every medium and every individual interaction.
2/3
Start by constructing an initial communications calendar template that you can easily monitor and modify to suit the needs of your high-priority clients. From there you can begin to visualize and develop what components might comprise a second- and third-tier experience.
Thinking big picture, what percentage of your time is currently spent in servicing existing clients vs prospecting? Is that optimal to grow and sustain your business? Of that allocation, how much time should you focus on top, second- and third-tier clients? 70/20/10%? 65/25/10%?
Things to think about: Putting some math to your model will help create context on how to make the most of your time and create greater efficiencies.
What does an optimal client experience look like for your high-priority clients? Consider their expectations and create a list of all the activities you feel will comprise a well-rounded service matrix. This could include the frequency and type of contact, the subject matter to cover and the variety of engagement types.
Things to think about: Consider your areas of expertise and how you may best be able to showcase these skills and demonstrate value to your clients.
Your next consideration is to determine how and when you begin to transition to your new communications and client experience strategy. Give yourself time and set a goal for transforming your service model over six to 12 months.
Things to think about: Consider how you will inform your team, ensure they understand the approach and can support their efforts.
Realistic behavior
They aren’t engaged or responsive when you try to connect in the course of business.
•
Unrealistic expectations
They require an unwarranted amount of your time and create distraction from your other clients.
•
Is it time to let a client go?
Appreciation and respect
They don’t value the professional relationship and demonstrate a lack of respect, a hesitancy to pay fees or disregard for the quality of services you provide.
•
Attitude and accountability
They don’t listen to or take action on your investment advice.
•
Here’s a sample of how that communication might look
Scheduling the meeting
Meeting preparation
Listening goes a long way
Client meeting
• During the meeting, it’s important that all their questions are answered
and copies of everything discussed or presented are provided to the
client for their reference.
• If there are specific questions or follow-up items as a result of
the meeting, let your clients know when they can expect
a response.
Start by showing that you’re listening using your body language and gestures to demonstrate engagement. Whether you are in-person or connecting through video conference, be sure to:
• Face your client, lean forward and make eye contact.
• Stay focused and don’t become distracted by cell phones or other interruptions.
While you are launching the strategy, ensure your clients are informed and prepared for the meeting. Once your annual client communications strategy is in place, it will be easier for your clients to know when they will be meeting with you next and what topics will be covered.
Scheduling the meeting
Meeting preparation
Listening goes a long way
Client meeting
Be prepared: Reference your communications calendar for the topic selected for this meeting and ensure your support materials are ready and your discussion outline and messaging are set.
Review meeting notes: Look over notes from the last time you connected with the client to ensure any outstanding issues or questions have been addressed.
Look for milestones: Do your homework and be aware of any client milestones since your last meeting. A review of life events, such as birthdays, retirement and weddings, can go a long way toward demonstrating your ability to really know your clients, both personally and financially.
Don’t clutter your agenda: Are there housekeeping items that can be done ahead of time or in a follow-up communication such as verifying any changes to beneficiary, contact details or employment? Identify those ahead of time and determine the simplest way to confirm such details without interfering with your core meeting agenda.
Set expectations: Make the most of your time with clients and begin by setting realistic expectations for what topics you can cover in the time allotted. Be respectful of their schedule and build in time for listening.
Ask your client open-ended questions that give them the platform for communicating and elaborating their ideas and perspectives.
• How would you prioritize your financial goals today?
• What do you feel are your biggest challenges in meeting your retirement goals?
Ask probing questions and rephrase them when necessary to ensure their answers are consistent.
• What is your biggest concern when it comes to retirement?
• Tell me more about your perspective on…
Watch for non-verbal cues. Look for enthusiasm, boredom, irritation or anxiety in both their tone
and body language.
The client experience begins when your clients enter your office. Are they personally welcomed and made to feel comfortable? Offered a beverage? Shown to a conference room or greeted in the lobby?
• Before leaving, you should provide information on when you will
reach out to them again and, at a high level, what you will share
in the next meeting. If possible, schedule that meeting before
they leave.
Next: Client experience
Keeping in touch with clients in advance of or following life milestones is an important way to deepen the trust and communication between you, to make your relationship about more than transactions. Following are some life events and some sample language you could use in a client communication.
Reaching out, building relationships
Tools & guides
Program overview
Planning guide
Checklist & timeline
Tools & guides
Client meetings
Building relationships
Client experiences
Client interactions
Review & follow-up
Next steps
Birthday
Anniversary
Article of interest
Loss
Illness
Retirement
“Congratulations on your retirement and on a phase of life so many people aspire to reach. It’s a milestone to be proud of and to savor. I look forward to working with you to help make what comes next the most rewarding years yet.”
“I’m very sorry to hear about your recent [illness/accident]. I wish you a full and speedy recovery. If I can offer any support and assistance, I hope you’ll reach out.”
“My deepest condolences on your loss.
I want you to know you’re in my thoughts, and that I wish you strength and serenity during this difficult time.”
“I saw this article and I thought of you. I’m passing it along since I remembered you [enjoyed sailing/were interested in the bond market/mentioned your vacation home in Vermont]. I hope you enjoy it and I look
forward to talking with you soon.”
“Best wishes on your anniversary.
My congratulations to you both on this milestone, and may the year ahead be
happy and prosperous.”
“My warmest congratulations on your union. I hope this new chapter in your life brings both of you happiness, adventure and contentment.“
“My very best wishes for a happy birthday. May the coming year bring good things, and I look forward to helping make that possible.”
Next: Client interactions
We realize each client is unique and there may be additional needs to address. With that in mind, the communications strategy template is meant to be a baseline road-map, as well as a flexible guide to developing a well-rounded framework for engaging your clients.
Delivering a terrific client experience
Tools & guides
Program overview
Planning guide
Checklist & timeline
Tools & guides
Client meetings
Building relationships
Client experiences
Client interactions
Review & follow-up
Next steps
Tax
optimization strategy
Estate
planning
Risk
assessment
Retirement planning
Investment
review
4/8
3/8
2/8
Capital gains tax reporting, end-of-year
tax review, qualified and non-qualified investment activity
1/8
T – Tax optimization strategy
Look for opportunities to connect with your clients outside of their regular office or virtual meetings. If you’re not already doing so, consider:
Financial
plan & goals
Insurance review
College planning
Covering the critical financial components of a client relationship includes these top level conversations.
This holistic approach to client service keeps the conversation going, while demonstrating and validating
your expertise and value as a trusted partner.
Estate and beneficiary reviews,
gifting opportunities and transfer of
assets discussion
E – Estate Planning
Review comfort level with market volatility and risk and reassess impact of time and overall objectives on asset allocations
R – Risk Assessment
Updated retirement projections, 401(k)
and pension participation and balances
R – Retirement Planning
5/8
Portfolio reviews, rebalancing discussions, market outlook analysis, performance reports and goal alignment
I – Investment Review
6/8
Annual budgeting and debt review, overall update considering any changes to plan and goal alignment
F – Financial Plan & Goals
7/8
Coverage and premium reviews,
changes to insurance needs, long-term
care consideration
I – Insurance Review
8/8
Timing and tuition discussion, changes or additions to academic goals (Master’s, Ph.D.) and grandchildren inclusion
C – College Planning
Milestones
Remembering dates and events of importance to your clients is a simple and thoughtful way to build a personal connection.
• Birthdays, anniversaries, weddings and retirement are a few of the
celebratory milestones to track and acknowledge.
• Holidays, such as Thanksgiving, Christmas, Rosh Hashanah,
Hanukkah and New Year’s Day, are also times to remember your
clients with a card, personal note or memento.
• Personal happenings such as loss of a family member, injury or
other tragedy can also be a good time to connect with a show of
support and comfort.
Next: Review & follow-up
Now that you categorized each client into one of three tiers based on revenue and potential, consider these activities and information recommended for each client tier.
Client interactions
Tools & guides
Program overview
Planning guide
Checklist & timeline
Tools & guides
Client meetings
Building relationships
Client experiences
Client interactions
Review & follow-up
Next steps
Tier 1
Tier 2
Tier 3
Tier 2
In-person or virtual meeting: 1x (Annually)
Phone call contact: 1x
Newsletters: 1x
Seminars: 1x
Birthday recognitions
Tier 1
This holistic approach to client service keeps the conversation going, while demonstrating and validating your expertise and value as a trusted partner.
Tier 3
In-person or virtual meeting: 2x (Semi-annual)
Phone call contact: 2x
Newsletters: 4x (Quarterly)
Seminars: 2x
Milestone & holiday recognitions
In-person or virtual meeting: 4x (Quarterly)
Phone call contact: As needed
Newsletters: 4x (Quarterly)
Seminars: 2x
Client events: 2x
Milestone & holiday recognitions
Consider polling your clients on an annual basis to gather their feedback and measure loyalty. Whether you manage the survey yourself or reach out to an external firm for assistance, you and your clients will benefit from the exercise.
When creating your list of questions consider these five tips:
Tracking and adjusting
your progress
Question 1
Question 2
Question 3
Question 4
Question 5
Question 6
Question 6
Question 5
Question 4
Question 3
Question 2
Overall satisfaction (rate 1-5)
• Ability to meet your financial needs and objectives
• Quality of our investment products and services
• Level of our customer service
• Ability to communicate clearly and effectively
• Professionalism of our staff members
Question 1
Getting started — Sample survey questions
Take a look at some sample questions to include in your client outreach. Each question should accompany a rating system clients can circle or check to save time and provide the feedback you need. Your rating system could run from “excellent” to “good” to “adequate” to “poor” or use a 1 – 5 numeric system, with 5 being the best and 1 being the lowest. The important thing is you make it simple for respondents to complete your survey, while still providing you with actionable information.
Question 8
Question 7
Meeting your financial needs (rate 1-5)
• Taking the time to understand your financial needs
• Evaluating your risk tolerance, investment time
horizon and other investment concerns
• Working with you to set appropriate financial goals
• Providing you with products and services that meet
your needs and can help you achieve your goals
What are your most pressing financial concerns?
How well are we addressing them? (open-ended)
Are there financial concerns, issues or events that we have not yet addressed?
(open-ended)
Investment suitability and quality (rate 1-5)
• Performance of your investments
• Level of risk associated with your investments
• Understanding of the investments you own
• Effectiveness of the features or benefits offered in
your investment
Communicating with you (rate 1-5)
• Keeping you informed on the progress of your
investment portfolio
• Communicating complex investment ideas and
other financial information in a clear and
effective manner
• Keeping you up to date on how market conditions
and trends affect your investment portfolio
• Providing you with education that can help you
invest better
• The frequency with which we communicate
Staff (rate 1-5)
• General courtesy of staff members
• General staff knowledge
• Proper phone etiquette
• Promptness in dealing with any issues or concerns
• Ability to handle questions or requests
• Overall service rating
Based on our performance, how likely is it that you will refer our practice to family and friends? (rate 1-5)
Why survey?
A global study of different customer-facing industries found that consumer likelihood to recommend is most impacted by consumer satisfaction; compared to after a 1-2-star experience, after a 5-star experience consumers are 3.6 times more likely to recommend, 3.3 times more likely to trust and 2.6 times more likely to purchase more. Knowing your clients’ levels of satisfaction can help you gauge their experience so you can improve on — and make the most of — each relationship.
Source: Qualtrics XM Institute,Global Study: ROI of Customer Experience, April 2022.
Client segmentation methods: Do they need adjusting and do clients need to be shifted?
•
Business activity with your clients year-over-year:
Do you see improved growth and better engagement?
•
Topics covered: Are there areas that need to
be added to future communication calendars?
•
Client satisfaction: Are your retention rates improving?
•
After one year, repeat your overall program assessment, rating each question 1-5 and conducting a review of:
Have you been able to successfully shift your daily time and focus to your best clients?
•
What percentage of your client base have
moved to the new service model?
•
Has the initial feedback from your new service model been positive?
•
Has your new model been effective
and led to more business?
•
After two quarters of implementing your planned communication strategy, take an assessment of what’s working and where there is room for improvement, rating each question 1-5.
Tracking and adjusting
your progress
Are your topic materials resonating
with your clients or are enhancements needed to support your meetings?
•
New client onboarding: Are you presenting your value add in a compelling way and is it resonating with new clients?
•
Question 7
Question 8
Annuities
Insurance | Investments | Technology
Maximizing Client Relationships
Engaging clients to
create long-term value.
Let’s get started
When it comes to client retention, statistics show that:
As part of the Acceleration® series, our Maximizing Client Relationships module will guide you through the steps of developing a long-term approach to client service and engagement. With a little planning and assistance from your wholesaler, you can develop a targeted communication strategy that helps you focus on your top clients and create transparency into the full value you bring to the clients you serve.
Nurture the best assets your business has
If you have any questions, simply contact your wholesaler.
Next: Planning guide
You’ve spent time and effort building your business and acquiring a solid client base.
Your next step is to ensure client longevity, loyalty and value from your existing relationships.
Trust in financial services has reached an all-time high, with 74% of retail investors more likely to trust human advice over robo-led advice.
•
Retail investors with a financial professional ranked finance as
the professionals they trusted second-most, just behind doctors.
•
You must work to retain and build that trust with every interaction — especially with your best clients — and thus retain and build your business.
•
This simple kit includes:
Spending your time on the right people and prospects requires a thoughtful strategy and a client service model that will support not only your business growth, but your clients’ overall satisfaction, as well.
Setting your objectives
Planning guide
Next: Checklist and timeline
Is it time to let a client go?
Realistic behavior
They aren’t engaged or responsive when
you try to connect in the course of business.
•
Unrealistic expectations
They require an unwarranted amount of your time and create distraction from your other clients.
•
Appreciation and respect
They don’t appreciate the professional relationship and demonstrate a lack of respect, a hesitancy to pay fees or disregard for the quality of services you provide.
•
Attitude and accountability
They don’t listen to or take
action on your investment advice.
•
Creating your plan of action
Checklist & timeline
Client identification
Review your current client list and categorize each into one of three tiers based on revenue.
•
Categories of high, medium, low will become the starting point for determining corresponding levels of engagement throughout the year.
•
Using the calendar template provided, modify or add topic and event categories that are specific to your business model. Consider creating a 24-month strategy to ensure all topics are covered.
•
Communications calendar development
Starting with your Tier 1, most-valuable clients, visualize and define what the client expectation
and experience should be for maximum engagement, satisfaction and retention.
•
Tiered communications calendar
Move to your Tier 2 clients and consider a reduction of engagement during the course of the
year and repeat the process with Tier 3 clients, streamlining the service model accordingly.
•
Once you’ve completed the shell document and created a starting point you can then make custom modifications to address any specialized client needs.
•
Share your strategy with your team members and discuss how you will begin implementing this model starting with your Tier 1, then Tier 2 and Tier 3 clients.
•
Activation
Start with a quarterly view of what appointments need to be scheduled.
•
Develop a list of client milestone information and set up reminders.
•
Take a look at your seminar and event plans and determine where there are gaps.
•
Seek the help of your wholesaler as an extended part of your team.
•
Develop a plan to share your communication strategy with your clients. Help manage expectations
and create a foundation for demonstrating your value and for sharing your service model for the coming year. We’ve provided a sample of how that communication might look on the back of this page.
•
Demonstrating your value
Next: Tools & guides
Client meetings are a critical component to your business success and your best opportunity to build loyalty, trust and confidence. A well-executed meeting, whether in-person or virtually, can not only uncover new business but can influence overall client satisfaction. Start by putting yourself in your clients’ shoes and understanding their expectations.
Getting the most from your client meetings
Tools & guides
Keeping in touch with clients in advance of or following life milestones is an important way to deepen the trust and communication between you, to make your relationship about more than transactions. Following are some life events and some sample language you could use in a client communication.
Reaching out, building relationships
Tools & guides
Covering the critical financial components of a client relationship includes these top level conversations.
This holistic approach to client service keeps the conversation going, while demonstrating and validating
your expertise and value as a trusted partner.
Delivering a terrific client experience
Tools & guides
Now that you categorized each client into one of three tiers based on revenue and potential, consider these activities and information recommended for each client tier.
Client interactions
Tools & guides
Back to top
TruStage™ Annuities are issued by CMFG Life Insurance Company (CMFG Life) and MEMBERS Life Insurance Company (MEMBERS Life) and distributed by their affiliate, CUNA Brokerage Services, Inc., member FINRA/SIPC, a registered broker/dealer, 2000 Heritage Way, Waverly, IA, 50677. Investment and insurance products are not federally insured, may involve investment risk, may lose value and are not obligations of or guaranteed by any depository or lending institution. All contracts and forms may vary by state and may not be available in all states or through all broker/dealers.
FOR REGISTERED REPRESENTATIVE USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC.
CMGA-5981192.1-0923-1025 © TruStage
877.345.GROW (4769) | www.trustage.com/annuities
Have any questions?
Next steps
Contact your wholesaler
Planning guide
Checklist & timeline
Tools & guides
Review & follow-up
Tracking and adjusting your progress
Review & follow-up
Consider polling your clients on an annual basis to gather their feedback and measure loyalty. Whether you manage the survey yourself or reach out to an external firm for assistance, you
and your clients will benefit from the exercise.
When creating your list of questions consider these five tips:
T
E
R
R
I
I
F
C
Keep it short and to the point
Make it easy and simple for them to complete without taking more than 10 – 15 minutes.
Think about how you will apply or modify your service based on their feedback.
Ask actionable questions on topics you can control
Avoid yes/no responses and let them elaborate and expand on their answers.
Ask open-ended questions
Providing a sense of timing (2 – 3 weeks) will ensure
it doesn’t get lost in the “to do” file and they will be more likely to respond within the time frame provided.
Include a response deadline
Send a thank you to your clients who complete the survey letting them know the value of their input and what, if any changes, you will make in response.
Follow up
Tracking and adjusting your progress
Adding a seminar strategy in collaboration with your professional centers of influence or product partners.
•
Publishing a regular newsletter on topics of interest to your clients
or sharing informative content via email.
•
Hosting client appreciation events for your tier one clients, such as
a lunch, dinner, or outdoor or virtual group activities around sporting or concert events. Be creative!
•
My very best wishes for a happy birthday. May your new year
bring you all good things and
I look forward to helping make
that possible.
Wedding
My warmest congratulations
on your nuptials. I hope this new chapter in your life brings both
of you happiness, adventure
and contentment.
My deepest condolences on your
loss. I wanted you to know you’re in my thoughts and I wish you strength and serenity during this difficult time.
Best wishes on your anniversary.
My congratulations to you both
on this milestone and may the year ahead be happy and prosperous.
Congratulations on your retirement and on a phase of life so many people aspire to reach. It’s a milestone to be proud of and to savor. I look forward to working with you to help make what comes next the most rewarding years yet.
I saw this article and I thought
of you. I’m passing it along since
I remembered you [enjoyed sailing/
were interested in the bond market/
mentioned your vacation home in Vermont]. I hope you enjoy it and I look forward to talking with you soon.
I’m very sorry to hear about your recent [illness/accident]. I wish you a full and speedy recovery, and if I can offer any support and assistance, I hope you’ll reach out.
Client segmentation
As you begin to define your client communications model, you’ll want to consider a tiered approach that helps you focus on your most profitable clients. Take a moment to review your existing client base and start by segmenting them into three categories: high priority, top tier; good, second tier; and lower, third tier clients.
Each level will require a different service model and percentage of your time.
Things to think about: This might also be a good time to identify clients to remove from your active client list. Letting clients go is never easy but may be necessary in order to help your business grow in the long run.
Identify your communications model
What does an optimal client experience look likefor your high-priority clients? Consider their expectations
and create a list of all the activities you feel will comprise a well-rounded service matrix. This could include
the frequency and type of contact, the subject matter to cover and the variety of engagement types.
Things to think about: Consider your areas of expertise and how you may best be able to showcase these
skills and demonstrate value to your clients.
Build your communications calendar
Start by constructing an initial communications calendar template that you can easily monitor and modify
to suit the needs of your high-priority clients. From there you can begin to visualize and develop what compnents might comprise a second- and third-tier experience.Thinking big picture, what percentage of
your time is currently spent in servicing existing clients vs prospecting? Is that optimal to grow and sustain
your business? Of that allocation, how much time should you be focused on top-, second- and third-tier
clients? 70/20/10%? 65/25/10%?
Things to think about: Putting some math to your model will help create context on how to make the most
of your time and create greater efficiencies.
Activate your model
Your next consideration is to determine how and when you begin to transition to your new communications
and client experience strategy. Give yourself time and set a goal for transforming your service model over six
to 12 months.
Things to think about: Putting some math to your model will help create context on how to make the most
of your time and create greater efficiencies.
Estate and beneficiary reviews, gifting opportunities and transfer of assets discussion
E – Estate planning
Review comfort level with market volatility
and risk, and reassess impact of time and
overall objectives on asset allocations
R – Risk assessment
Updated retirement projections, 401(k)
and pension participation and balances
R – Retirement planning
Portfolio reviews, re-balancing discussions, market outlook analysis, performance reports and goal alignment
I – Investment review
Annual budgeting and debt review, overall update considering any changes to plan
and goal alignment
F – Financial plan and goals
Coverage and premium reviews, changes to insurance needs, long-term care consideration
I – Insurance review
Timing and tuition discussion, changes or additions to academic goals (master’s, Ph.D.) and grandchildren inclusion
C – College planning
Milestones
Remembering dates and events of importance to your clients is a simple and thoughtful way to build a personal connection.
• Birthdays, anniversaries, weddings and retirement are a few of the
celebratory milestones to track and acknowledge
• Holidays, such as Thanksgiving, Christmas, Rosh Hashanah,
Hanukkah and New Year’s Day, are also times to remember your
clients with a card, personal note or memento
• Personal happenings such as loss of a family member, injury or
other tragedy can also be a good time to connect with a show of
support and comfort
Look for opportunities to connect with your clients outside of your regular office or virtual meeting times. If you’re not already doing so, consider:
• Adding a seminar strategy in collaboration with your professional centers
of influence or product partners
• Publishing a regular newsletter on topics of interest to your clients or
sharing informative content via email
• Hosting client appreciation events for your Tier 1 clients, such as a lunch,
dinner, or outdoor or virtual group activities around sporting or concert
events — be creative
Tier 1
Tier 2
Tier 3
Question 1
Question 2
Question 3
Question 4
Question 5
Question 6
Question 7
Question 8
Based on our performance, how likely is it that you will refer our practice to family and friends? (rate 1-5)
Question 8
Staff (rate 1-5)
• General courtesy of staff members
• General staff knowledge
• Proper phone etiquette
• Promptness in dealing with any issues or concerns
• Ability to handle questions or requests
• Overall service rating
Question 7
Communicating with you (rate 1-5)
• Keeping you informed on the progress of your
investment portfolio
• Communicating complex investment ideas and
other financial information in a clear and
effective manner
• Keeping you up to date on how market conditions
and trends affect your investment portfolio
• Providing you with education that can help you
invest better
• The frequency with which we communicate
Question 6
Investment suitability and quality (rate 1-5)
• Performance of your investments
• Level of risk associated with your investments
• Understanding of the investments you own
• Effectiveness of the features or benefits offered in
your investment
Question 5
Are there financial concerns, issues or events that we have not yet addressed?
(open-ended)
Question 4
What are your most pressing financial concerns? How well are we addressing them? (open-ended)
Question 3
Meeting your financial needs (rate 1-5)
• Taking the time to understand your financial needs
• Evaluating your risk tolerance, investment time
horizon and other investment concerns
• Working with you to set appropriate financial goals
• Providing you with products and services that meet
your needs and can help you achieve your goals
Question 2
Overall satisfaction (rate 1-5)
• Ability to meet your financial needs and objectives
• Quality of our investment products and services
• Level of our customer service
• Ability to communicate clearly and effectively
• Professionalism of our staff members
Question 1
Scheduling the meeting
Meeting preparation
Listening goes a long way
Client meeting
• During the meeting, it’s important that all their questions are answered and copies
of everything discussed or presented are provided to the client for their reference.
• If there are specific questions or follow-up items as a result of the meeting,
let your clients know when they can expect a response.
Client meeting
The client experience begins when your clients enter your office. Are they personally welcomed and made to feel comfortable? Offered a beverage? Shown to a conference room or greeted in the lobby?
Start by showing that you’re listening using your body language and gestures to demonstrate engagement. Whether you are in-person or connecting through video conference, be sure to:
Watch for non-verbal cues. Look for enthusiasm, boredom, irritation or anxiety in both their tone and body language.
• Face your client, lean forward and make eye contact.
• Stay focused and don’t become distracted by cell phones or other interruptions.
Ask your client open-ended questions that give them the platform for communicating and elaborating their ideas and perspectives.
• How would you prioritize your financial goals today?
• What do you feel are your biggest challenges in meeting your retirement goals?
Ask probing questions and rephrase them when necessary to ensure their answers are consistent.
• What is your biggest concern when it comes to retirement?
• Tell me more about your perspective on …
Listening goes a long way
Set expectations: Make the most of your time with clients and begin by setting realistic expectations for what topics you can cover in the time allotted. Be respectful of their schedule and build in time for listening.
Be prepared: Reference your communications calendar for the topic selected for this meeting and ensure your support materials are ready, and your discussion outline and messaging are set.
Review meeting notes: Look over notes from the last time you connected with the client to ensure any outstanding issues or questions have been addressed.
Look for milestones: Do your homework and be aware of any client milestones since your last meeting. A review of life events, such as birthdays, retirement and weddings, can go a long way toward demonstrating your ability to really know your clients, both personally and financially.
Don’t clutter your agenda: Are there housekeeping items that can be done ahead of time
or in a follow-up communication, such as verifying any changes to beneficiary, contact details or employment? Identify those ahead of time and determine the simplest way to confirm such details without interfering with your core meeting agenda.
Meeting preparation
While you launch the strategy, ensure your clients are informed and prepared for the meeting. Once your annual client communications strategy is in place, it will be easier for your clients to know when they will meet with you next and what topics will be covered.
Agenda: Provide a meeting agenda that touches on the topics you wish to cover and
ask whether they have anything additional they would like to discuss. If others from your team will join the meeting, let your clients know in advance.
Logistics: Review directions to your office and provide a contact number should they
need to cancel or adjust their meeting time. Let them know how long the meeting will last. If meeting virtually, make sure to send the meeting dial-in information and offer
assistance as needed in setting up a video call.
Preparation: If you would like them to provide paperwork, statements or other updated information, give them time to gather and prepare.
Confirmation: Send a written confirmation of the upcoming meeting time and topics above,
and schedule a reminder call 24 – 48 hours in advance.
Scheduling the meeting
Introduction
Program overview
Planning guide
Checklist & timeline
Tools & guides
Review and follow-up
Next steps
Education & events
In-person or virtual meeting: 1x (annually)
Phone call contact: 1x
Newsletters: 1x
Seminars: 1x
Birthday recognitions
Tier 3
In-person or virtual meeting: 2x (semi-annual)
Phone call contact: 2x
Newsletters: 4x (quarterly)
Seminars: 2x
Milestone & holiday recognitions
Tier 2
In-person or virtual meeting: 4x (quarterly)
Phone call contact: As needed
Newsletters: 4x (quarterly)
Seminars: 2x
Client events: 2x
Milestone & holiday recognitions
Tier 1
• Before leaving, you should provide information on when you will reach out to them
again and, at a high level, what you will share in the next meeting. If possible, schedule that meeting before they leave.
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1 FCFA Institute, Trust in Financial Services Has Reached an All-Time High, 2022
Insurance | Investments | Technology
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When it comes to client retention, statistics show that:
Source: Qualtrics XM Institute,Global Study: ROI of Customer Experience, 2022, April.
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TruStage™ Annuities are issued by CMFG Life Insurance Company (CMFG Life) and MEMBERS Life Insurance Company (MEMBERS Life) and distributed by their affiliate, CUNA Brokerage Services, Inc., member FINRA/SIPC, a registered broker/dealer, 2000 Heritage Way, Waverly, IA, 50677. Investment and insurance products are not federally insured, may involve investment risk, may lose value and are not obligations of or guaranteed by any depository or lending institution. All contracts and forms may vary by state and may not be available in all states or through all broker/dealers.
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Financial
plan & goals
Insurance review
College planning
Look for opportunities to connect with your clients outside of your regular office or virtual meeting times. If you’re not already doing so, consider:
• Adding a seminar strategy in collaboration with your professional centers
of influence or product partners
• Publishing a regular newsletter on topics of interest to your clients or
sharing informative content via email
• Hosting client appreciation events for your Tier 1 clients, such as a lunch,
dinner, or outdoor or virtual group activities around sporting or concert
events — be creative
Remembering dates and events of importance to your clients is a simple and thoughtful way to build a personal connection.
• Birthdays, anniversaries, weddings and retirement are a few of the
celebratory milestones to track and acknowledge
• Holidays, such as Thanksgiving, Christmas, Rosh Hashanah,
Hanukkah and New Year’s Day, are also times to remember your
clients with a card, personal note or memento
• Personal happenings such as loss of a family member, injury or
other tragedy can also be a good time to connect with a show of
support and comfort
Education & events
Milestones