Acceleration Module

Nurture the best assets your business has.

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.

Let’s get started

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.

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.

Maximize client relationships by developing a long-term approach to client service and engagement.

Program overview

Next: Planning guide

When it comes to client retention, statistics show that:

High-net-worth clients want to rely on their advisors to distinguish between must-know information and less significant details. Quality of information is their number one indicator of advisor credibility.

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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

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Activate your model

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Build your communications calendar

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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.

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Client segmentation

Next: Checklist and timeline

Follow these five steps to help you create your communications road map.

Creating your plan of action.

Checklist & timeline

Review your current client list and categorize each into one of three tiers based on revenue

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Categories of high, medium, low will become the starting points for determining corresponding levels of engagement throughout the year

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Client identification

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.

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Communications calendar development

Tiered communications calendar

Activation

Next: Tools & guides

Client meetings are a critical component to your business success and your best opportunity to build loyalty, trust and confidence.

Getting the most from your client meetings.

Tools & guides

Next: Building relationships

Program overview

Planning guide

Checklist & timeline

Review & follow-up

Next steps

A well-executed meeting, whether in-person or virtually, not only can 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

877.345.GROW (4769) | cmannuities.com CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. 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 and investment advisor, 2000 Heritage Way, Waverly, IA 50677. CMFG Life and MEMBERS Life are stock insurance companies. MEMBERS® is a registered trademark of CMFG Life. 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. CMGA-2341463.2-1220-0123 FOR REGISTERED REPRESENTATIVE USE ONLY. NOT FOR USE WITH THE PUBLIC. ©CUNA Mutual Group

Tools & guides

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

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

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.

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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.

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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.

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Unrealistic expectations They require an unwarranted amount of your time and create distraction from your other clients.

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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.

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Attitude and accountability They don’t listen to or take action on your investment advice.

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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

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Move to your Tier 2 clients and consider a reduction of engagement during the course of the year. Repeat the process with Tier 3 clients, streamlining the service model accordingly

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Once you’ve completed the shell document and created a starting point, you can then make custom modifications to address any specialized client needs

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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

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Start with a quarterly view of what appointments need to be scheduled

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Develop a list of client milestone information and set up reminders

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Take a look at your seminar and event plans and determine where there are gaps

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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.

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Demonstrating your value

Take a look at your seminar and event plans and determine where there are gapsSeek the help of your wholesaler as an extended part of your team

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Here’s a sample of how that communication might look

Client meetings

Building relationships

Client experiences

Client interactions

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 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

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 relationships about more than transactions.

The following are some life events and sample language you could use in client communications.

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

Wedding

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

Covering the critical financial components of a client relationship include these top level conversations.

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 roadmap, 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

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Capital gains tax reporting, end-of-year tax review, qualified and non-qualified investment activity

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T – Tax Optimization Strategy

Education & Events

Milestones

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!

Education & Events

Financial Plan & Goals

Insurance Review

College Planning

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

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Portfolio reviews, rebalancing discussions, market outlook analysis, performance reports and goal alignment

I – Investment Review

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Annual budgeting and debt review, overall update considering any changes to plan and goal alignment

F – Financial Plan & Goals

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Coverage and premium reviews, changes to insurance needs, long-term care consideration

I – Insurance Review

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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

1. Keep it short and to the point

Make it easy and simple for them to complete without taking more than 10—15 minutes.

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.

2. Ask actionable questions on topics you can control

Think about how you will apply or modify your service based on their feedback.

3. Ask open-ended questions

Avoid yes/no responses and let them elaborate and expand on their answers.

4. Include a response deadline

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 timeframe provided.

5. Follow up

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.

Question 1

Question 2

Question 3

Question 4

Question 5

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.

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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?

For investment services, clients who rate companies as “good” are 36% more likely to purchase more, and are 42% more likely to recommend the company than those who give a rating of “poor”. That makes investments one of the top three industries for customer loyalty difference when it comes to recommending a company. Engaging with clients to gauge their experience helps you improve on — and make the most of — each relationship.

Source: Qualtrics XM Institute, ROI of Customer Experience 2020.

Client segmentation methods: Do they need adjusting and do clients need to be shifted?

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Business activity with your clients year-over-year: Do you see improved growth and better engagement?

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Topics covered: Are there areas that need to be added to future communication calendars?

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Client satisfaction: Are your retention rates improving?

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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?

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What percentage of your client base have moved to the new service model?

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Has the initial feedback from your new service model been positive?

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Has your new model been effective and led to more business?

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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?

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New client onboarding: Are you presenting your value add in a compelling way and is it resonating with new clients?

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Question 7

Question 8