Building Stronger Bonds to Increase Client Retention

Two of the most common reasons clients leave their advisors are infrequent/ineffective communication and misaligned financial goals. Improving the efficacy of the former has the added benefit of also preventing the latter.

Improving client communication

Reaching out to schedule an annual or semi-annual review is of course necessary, but not nearly enough. For many clients, a review with their advisor is akin to a dental checkup; just substitute not reducing their spending and making the promised increase in 401(k) contributions for sugary drinks and intermittent (at best) flossing. Monthly newsletters sent to your entire book are nice, but it is difficult to make content created for everyone timely and relevant to anyone.

Creating regular, targeted outreach to remind clients of things they need to do or actions you took on their behalf – at the […]

How Knudge is Upending the “Better” or “Faster” Trade-off

Ben Henry-Moreland wrote an interesting post, Advisors are Becoming Better (Not “Faster”) with Advances in #AdvisorTech, about the recent history of AdvisorTech for the Kitces blog.  In it, Ben examines the shift over the last 5 years from tools that primarily made advisors “faster” (e.g. CRMs, Workflow Support) towards those that make advisors “better” (e.g. Advice Engagement, Specialized Financial Planning).  Ben points out that tools which make advisors “better” typically require advisors spend more servicing clients rather than less.  This necessarily limits the number of “better” tools advisors can deploy.  There are 3 costs that advisors must consider:

1. The financial cost of the tool
2. The cost of the time needed for the advisor to become proficient in the tool
3. The cost of the additional time advisors must spend with clients […]

Advisors can update a client’s email address if the client has not registered their Knudge account.  Clients that have registered their Knudge accounts must update their email addresses themselves.  It is very easy process, and this demo will show you how.

This demo will show how the Post Date works and when you might want to choose a date other than the default.

• When the default Post Date is recommended
• When a custom Post Date may be preferred
• How the Post Date impacts reminders
• How tasks with Post Dates in the future appear to advisors vs. clients

This demo will show how to work with multiple contacts at once.   We’ll cover:

• Sending a nudge to multiple clients at once by selecting clients individually, all at once, or using a tag
• Adding or removing a lead advisor to/from multiple contacts
• Adding contacts to a group using tags