Monthly communications with clients optimal
Financial planners should be touching base with their clients on educational issues around once a month, according to Australian Unity.
Australian Unity Personal Financial Services chief executive, Steve Davis said the company had arrived at the conclusion that once a month was the right number following five years of testing its client to find out the optimal number of educational communications they should send to clients each year.
"With a monthly touch point we are finding educational communications are still appreciated, the feedback the clients give to their advisers is really positive, and complaints from clients about the regularity are zero," he said.
Explaining the company's methodology, Davis said Australian Unity had gradually increased the number of communications it sent clients each year, and it wasn't until the past 12 months that it had started to hear clients say ‘too much'.
"That was when we exceeded 12 communications in the one year," he said.
"Our client communications are all educational, and include client e-newsletters, special reports, client webinars and investment update emails," Davis said. "The feedback our advisers receive from their clients is that they really appreciate not only the updates and information, but particularly that their adviser is taking the time to send them good quality material."
Recommended for you
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
New Zealand’s financial regulator is following the footsteps of its Tasman neighbours and proposing to conduct a review on improving the accessibility of financial advice and advice business models.
