Adam Van Deusen: Creating Client Service Calendars That Demonstrate Ongoing Advisor Value (February 13, 2023)

Adam Van Deusen has made available for download their article, “Creating Client Service Calendars That Demonstrate Ongoing Advisor Value,” published on Kitces. The abstract is as follows:

While it can be easy for financial advisors to recognize the wide range of ways they add value for clients throughout the year, clients themselves might not be aware of what their advisors do for them behind the scenes outside of their annual meetings (e.g., rebalancing their investment accounts or reviewing their insurance policies). Without knowledge of this ‘shadow work’, clients might not recognize the full breadth of responsibilities their advisor (and the firm’s back-office staff) are handling on their behalf to justify their fee.

One of the ways advisory firms can help solve this dilemma is to implement a client service calendar, which outlines key services being provided to clients during each month of the year. This not only gives clients a better idea of the actual work involved in financial planning that goes on outside of meetings but also helps them understand when the work happens during the year. Additionally, client service calendars can help manage client expectations while allowing advisors to adhere to their preferred service cadence (recognizing that some client issues will likely need to be handled on an ad hoc basis). Furthermore, by outlining the actual scope of work the advisor performs for clients, client service calendars can be helpful when it comes to dealing with regulators, who may need to assess the specific services provided by advisors to ensure that these services justify client fees.

To read the full article, click: “Creating Client Service Calendars That Demonstrate Ongoing Advisor Value

Posted by Nicholas Ward, Associate Editor, Wealth Strategies Journal

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