An advisor’s guide to building call schedules (and deeper client relationships!)

(February 2005) Surveys say that clients want more contact. Top advisors say that developing a call schedule ensures that they get on the phone to initiate this contact.

Having a structured schedule in place allows you and your team to contact clients on a regular basis without the calls always appearing sales-related. This consistent communication will help you build trust and deepen the relationship with your clients.

Here are just a few advantages of building and implementing a proper call schedule:

• Demonstrates you are proactive rather than reactive.
• Efficient time management (you are prepared for each day).
• Your share of the client’s wallet increases with increased contact.
• Generates more referrals from clients.
• Promotes and enforces a disciplined approach to client contact.

Remember: Your client call schedule is all about relationship-building calls, not sales calls!

Use the following checklist and client coding cheat sheet to develop your own call schedule.

To develop and execute your own client call schedule, use the following steps to guide your process: Print out your contact management call lists. Identify which clients you will call when based on a coding system, when the account was opened or the client’s birth date. Determine in advance the purpose of the call (relationship building, information gathering, discussion of monthly statements, market update, etc.). Prepare for the calls (collect required information, perform necessary reviews). Block time to make the calls. Keep notes from the calls in your contact management system.

The most critical component of your call schedule process is to find a client coding structure that works for you. To assist you, many firms provide reports that will show your accounts by tier levels based on assets.

Client coding

Code accounts based on the following criteria: account type, assets, referability and potential.

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1. Account type: Accounts can be identified using a “T” for transactional, “N” for new issue client, “F” for fee-based, and “J” for junior account.

2. Assets: Investment assets are totalled and those in excess of $100,000 are assigned a value using a single digit, with a cap at “9”. For example, if the account has $300,000, a “3” will be assigned. Accounts below $100,000 in value are coded as a “0”.

3. Referability: Clients that have given you referrals are assigned a value using a single digit with a cap at “9”. For example, if the account has given you two referrals, a “2” will be assigned.

4. Potential: Clients that you know have additional assets with another advisor are assigned a value using a single digit with a cap at “9”. For example, if a client has assets elsewhere with a value of $200,000, a “2” will be assigned.

The full code for the above example would be “T322”.

Clients who are transactional (“T”) or fee-based (“F”) and have assets in excess of $200,000 would receive A or B status.

Clients who are coded junior (“J”) and have less than $200,000 are relegated to C status.

Call frequency

• Clients coded A: contact 3 times per year.
• Clients coded B: contact 2 times per year.
• Clients coded C: contact 1 time per year.

Schedule your calls throughout the year using the months below as starting months. It is crucial to spread your calls throughout the year. The Cs could be called in June, August, October or December (i.e., the months you are not contacting your As and Bs). This is illustrated below:

Contact As in January, May and September. Contact Bs in March and November. Contact Cs in June, August, October or December.

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Joanne Ferguson is a partner with Ontario-based Advisor Pathways, a company that offers consulting and coaching help to advisors and their firms across Canada. Joanne can be reached at jferguson@advisorpathways.com or through her company’s website at www.advisorpathways.com.

02/03/05