Client Communication Tools for Financial Advisors to Consider

Effective communication is an important part of building client trust. It’s reassuring for your clients to know that you’re just a phone call, email or text away, and will respond promptly to any questions or concerns they might have. There are client communication tools for financial advisors you may consider using to stay connected and organized while also saving yourself valuable time.

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Why Client Communication Matters for Advisors

Your clients come to you for financial advice, and they want to feel like more than just a number. Communication is essential for building trust and loyalty so that your clients feel valued and are more likely to remain with you for the long term.

An advisor who is slow to return phone calls or emails, or is inconsistent with sending out email newsletters, may risk losing clients to another firm that’s perceived as being more attentive. The loss of a client – or a slowdown in the number of referrals that clients are willing to send your way – can be a setback.

Prioritizing communication demonstrates to clients that you want to hear what they have to say. And if you’re sharing helpful information with your clients regularly, it’s also an opportunity to demonstrate your expertise and build credibility.

Client Communication Tools for Financial Advisors

Technology offers new possibilities for advisors who want to stay connected and in tune with their clients. The communication tools below are designed to meet the unique needs of busy advisors.

1. Website and Social Media

Your financial advisor website may be the first point of contact a prospective client has with your business. Websites can be used to communicate information outward to your target audience via blog posts, articles and other types of content.

You can also collect communication information from prospects by encouraging them to share their email address in exchange for access to a lead magnet. If you don’t have an email list yet, a simple contact form can encourage prospective clients to contact you.

Social media can drive traffic to your website and allow you to communicate informally with prospects and clients. You can build engagement by posing thought-provoking questions to your audience, sharing surveys or polls, creating video content, or sharing helpful content from other sources.

2. Scheduling Tools/Calendars

Scheduling software can serve multiple purposes for advisors, including client communications. You can use scheduling software programs or apps to:

Book initial meetings with prospective clients
Schedule financial planning sessions with current clients
Send meeting reminders to clients

YouCanBookMe is an example of scheduling software that’s designed with financial advisors in mind.

You can use the software to schedule different types of client meetings, set up virtual meetings, send automated follow-up messages, or stay in touch with clients via text. Clients can pay when they book, simplifying your bookkeeping and invoicing processes.

3. Chat and Text Tools

Some clients may prefer to communicate using text versus email or phone calls. Sending text messages can save time if you’re automating delivery or using templates and customizing them to fit each client.

MyRepChat is a multifunctional chat and text tool that was built by financial advisors for financial advisors. This tool allows you to:

Schedule and send messages automatically
Send event notifications or appointment reminders
Create a custom number that texts and calls can be forwarded to
Share your contact details via a virtual business card
Automate message replies

The software also monitors messages for compliance and ensures proper recordkeeping of all messages sent and received.

4. Customer Relationship Management (CRM) Software

Customer relationship management software, broadly speaking, is intended to help you manage the various interactions you have with prospective and current clients. These tools are not necessarily designed to help you communicate directly with clients. Instead, they’re meant to help you better understand what clients need from you.

Some of the most popular CRM options for financial advisors include Salesforce, Zendesk and Wealthbox. When comparing these tools, it’s helpful to look at:

Features, benefits, and capabilities
Integrations with other tech tools you might be using
Pricing
Security
Support

Wealthbox, for example, integrates with over 100 custodial platforms and wealth-tech apps, including Slack, Outlook, Zapier and Asset-Map.

5. Event and Conference Software

Hosting virtual events to communicate with clients can set you apart from advisors who may prefer more traditional methods. Live seminars, virtual Q&A sessions, or prerecorded workshops and webinars can help you get clients’ attention and encourage conversation.

There are a variety of event and conferencing tools to choose from, including:

SpotMe
Livestorm
Zoom

You can also use Loom to screen record and share videos with your audience. Finding the right event and conferencing tool can hinge on the size and scale of the events you plan to host and whether those events are live or prerecorded.

If you’re not ready to invest in a paid software tool, you could still host livestream events on social media to communicate and interact with clients.

Frequently Asked Questions (FAQs)

How Do Financial Advisors Communicate With Clients?

Financial advisors can communicate with clients using a variety of methods, including phone calls, emails, text messages or direct mail. In-person and virtual meetings are also a regular part of a successful advisor’s daily routine. When developing your firm’s communication strategy it’s important to factor in client preferences, including how often and through what means they prefer to stay in contact.

How Often Should Financial Advisors Communicate With Clients?

How often you reach out to clients can depend on their needs and preferences, and your firm’s policies. Your method of delivery also plays a part. If you use email newsletters to communicate, then an appropriate frequency may be weekly, biweekly, or monthly. If you prefer to contact clients by phone, then a once-monthly check-in call may be sufficient.

Can Financial Advisors Text Their Clients?

Financial advisors can use text messaging to stay in touch with clients, but they must follow compliance rules in doing so. Specifically, they must ask clients to opt-in to receive text messages and give them clear instructions on how to opt-out. They must also maintain records of text communications and develop written policies and procedures for communicating with clients over text.

Bottom Line

An advisor reviews client communication tools that can help him strengthen client relationships.

Client communication tools can help you keep clients in the loop and strengthen your relationships. The tools shared here are just some of the possibilities you might consider if you’re looking for comprehensive communications solutions.

Tips for Growing Your Advisory Business

A solid marketing strategy is a must-have when you’re focused on growth. Advisors are increasingly aware of the importance of online marketing to attract the attention of prospective clients. If you have limited time to devote to marketing, SmartAsset AMP can help. This platform can help you connect with leads and give you the tools you need to nurture client relationships. Schedule a demo to learn how you can use it to grow your business.
When comparing client communication tools, consider where compliance fits in. Violating compliance rules can lead to fines and other penalties, so it’s to your advantage to stay on the right side of regulatory agencies. Compliance software may be a helpful addition to your tech stack, even if you already have a full-time chief compliance officer on staff.