How many times do you follow-up with clients for an annual review? Do you email and call? I have emailed twice (no calls yet) but no response from the client. Keep trying or wait for them to reach out to you at this point?

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Great Q. One I'm constantly visiting with Advisors on.
First, start with your mindset and your clients' when you open the account.
In my 30+ years' experience, I've found a large # of clients pay more attention to their teeth and their vehicles than they do their portfolios or financial plans.
Ask them how often they get their teeth cleaned?
How often do they change their oil? Rotate their tires?
Without hesitation or prompting, they're on it.
Review their portfolio allocations or wealth management goals? Uhhhh...crickets -or- "when I get to it."
Next Q - of all of the above which will have the greatest lasting effect on you, your family and your future generations?
Establish upfront how frequently THEY feel they should service their portfolios and review their GOALS.
Currently, most annual reviews are perceived as the Advisor's idea and matter of importance. As our peers have shared - "checking the box" to show value added.
Imagine what would happen if the annual Goals review and Portfolio Oil change/Tire rebalancing were their idea and they received their reminder in the mail in a self-addressed envelope vs easily deleted voicemail or "spam" (their perception) group email?
It's possible, not guaranteed, your response rate goes up.
I also find it interesting that the Oil change guys put a sticker reminder in your window for your next service. Your dentist sets your next 6 month visit before you leave today.
Rarely do they get no-shows.
If they do, they rarely take the liability of anything going wrong with your vehicle or your teeth if the client isn't going to stick to the maintenance plan.
Just like you, they have a defined ideal client.

likesmart

Enough to show you’re doing your diligence and not just checking a box. I’d say at least three attempts via phone and at least one follow-up in writing stating that you have tried to contact, let them know you are available if they want to schedule - then move on.

Call weekly until they answer

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