Wednesday, September 3, 2014
Why Communication is Important in the Accounting/Finance World
Effectively Communicating with Clients
"When you effectively communicate with your clients, you will start to get more prospects. More prospects lead to more clients and more clients lead to a bigger firm. When you become a bigger firm, you can start to delegate some of the smaller and administrative tasks and this allows you to put more of your focus on prospecting and continuing to grow. Communication is really what starts you on the path to growth."
-J. David Strother, CFP, AIFA
Source: http://www.accountingweb.com/article/effectively-communicating-clients/222508
- the direct link is the title
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Interesting that the author (DSF Wealth Management) claims that they are communicating 350 times a year via messaging of some kind to clients/customers. Is this communication? What do you think is meant by "Experts say leading firms communicate with their clients 63 times a year"? Is quantity of contact times the metric?
ReplyDeleteHe said they send them emails 6 times a week, but that seems excessive to me. When it comes to wealth management, a lot could be happening on a daily basis though.
DeleteThe quantity of contact times is one aspect of effectively communicating with clients, but the quality of the communication matters, too. Clients want to feel confident their financials are in good hands and keeping them up to date is important. Leading firms have large corporations for clients and contacting a client about 5 times a month would be normal for businesses that have hired a CPA or financial advisor. At a CPA firm, they could be doing monthly bookkeeping, payroll, quarterly taxes, tax returns, auditing, tax planning, and consulting all for one client. Regular communication would be pertinent to doing what they have hired them for. A lot of clients wait until the last minute to submit information needed for tax returns as well. This applies to financial advisors as well, but for different services. Overall, for clients that have a lot going on financially, frequent and effective communication would be key.