The Importance of Communication in a Client/Advisor Relationship with Kevin Mulhern

Content is King but Automation Rules the Castle

Content is king but only if you have the right content.

You might want to have weekly communications with a client, but taking the time to sit, write and create something that resonates is not easy and takes time! As an advisor, you don’t always have the time to do that. That’s why it’s important to use outside sources to help not only with the writing of the content itself but the delivery and systems behind it. Knowing where to place your effort and expertise is important!

“You can create your own [content], but advisors should really be spending their time strengthening and building and finding new relationships, not becoming a professional marketer.” - Kevin Mulhern

There are brilliant content creators out there that know how to deliver a message that resonates AND yields a high ROI. Harnessing their power so you can spend your time doing what you do best is the way to succeed.

Content is the center of all marketing activities, no matter how you’re delivering that content - whether it’s via social media, a website, or email drip campaign -  at the heart of that marketing initiative is content. Hire the best, so you can be at your best. 

Your Clients Want to Hear from You Often More than You Think

According to Kevin, the average investor today gets 26 touch points a year. And every single group of investors, regardless of age or gender or even wealth level, all of them want more communications.

“Communication is that central and that critical is really a cornerstone of retention and really a cornerstone of building a business for an advisor.” - Kevin Mulhern

We know that communication can make or break a relationship - not only professional ones. There are numerous studies that illustrate the positive impact of regular communications, so if you could set-up an automated system to reach out to your clients,  show you're on top of their plan, and deliver up to date news that might affect their finances, you’ll make your job so much easier.

Salesforce did a great study to learn why investors leave their advisors. Lack of consistent communication was the second most cited reason that an investor will leave their advisor. It was actually ranked higher than perceived bad advice. That is something that is easily taken care of with the right technology tools.



It’s also not just about retention, but it’s about growth as well. A recent study by Vanguard showed that clients who feel engaged and have relevant information communicated to them consistently will refer you five times more than someone who's just not engaged. Consistent, credible, relevant content and communications is beneficial for both strong business growth and retention. 

What You Can Learn from Kevin’s Entrepreneurial Journey

Kevin built AdvisorStream because he found a real opportunity (with automation) to change the lives of advisors, help create efficiency for them, and free up time.

Kevin has found that advisors spend on average 54 hours a week working and about 16 hours of that could be automated. What can you automate that can free up your time and money?



Inside his own business, Kevin has been doing the same thing - automating what he can to free up his and other’s time to do the things they are best suited to do. It’s important to automate the things that can be automated as long as they can be done properly, reduce overhead and reduce the number of people you need in the early days of a business. That way you have a much better chance of trying to survive. Every new business has a runway of time of money that will run out sooner or later. It’s important to find tools that can help you make that runway longer to get your business off the ground and get it healthy. 

I’d love to talk to you more about how you communicate with your clients! What are you doing to make sure they feel seen and heard? Why not have a virtual coffee with me? I’d love to chat with you more about it and how you can accomplish big things in your business in 2023!

Set up a virtual coffee with me here: https://aspect.ipcc.ca/turning-the-page-podcast#grabcoffeewithchris 

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