Briefing a colleague on client files before leaving the office can help advisors take a well-earned break.lienkie/iStockPhoto / Getty Images
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As summer approaches, financial advisors face the challenge of ensuring seamless client service while taking well-deserved vacations.
To maintain client trust and satisfaction during these periods, managing expectations before heading out on holiday is essential. Here are three steps advisors can take.
1. Set expectations
Communicating as proactively as possible is the first step, says Melissa Harrell, a financial planner with McRae Wealth Management in Winnipeg.
“Advisors should add an out-of-office alert to their email signature approximately two weeks before their departure, advising clients of the dates they’re away, if they will have phone or e-mail access, and whether there will be no reply or a delay in replying,” she says.
“It should also include the alternative contacts for who will handle their various needs, such as investments or insurance.”
Brandon Chapman, a certified financial planner and principal at SaaS Wealth Insurance in Vancouver, echoes the need for preparation and clear communication. He recommends including a calendar invitation in the out-of-office reply so clients can book appointments immediately upon the advisor’s return.
2. Appoint a substitute
Ms. Harrell says advisors should arrange for a colleague or administrator to answer client questions or manage urgent issues within 24 to 48 hours. This can provide peace of mind, ensuring continuity of service while allowing advisors to enjoy their time off.
“Although we’re independent financial advisors, working within a team facilitates this coverage and allows us to take advantage of time away while knowing our clients are taken care of,” she says.
“I’m a big proponent of collaborating with colleagues who specialize in other areas,” she says, so clients have a “full suite” of solutions available. “We also need to employ this line of thought with our service standards.”
Preventing work from encroaching on vacation time requires strategic time management, says Martin Labrie, a financial planner with IG Wealth Management in Ottawa.
He recommends meeting with a replacement advisor to brief them on client files and needs before leaving the office.
“This proactive approach reassures clients, especially those who are less tech-savvy, and ensures they feel supported during the advisor’s absence,” he says.
A comprehensive client relationship management system is also crucial for sharing information between advisors and ensuring continuity of service.
“It is critical that the advisor’s administrative assistant monitors e-mail and any client communication to address it in a timely manner,” Mr. Labrie says.
3. Set clear boundaries
When it comes to handling client emergencies, Mr. Chapman sets clear boundaries. He provides top clients with his mobile phone number just in case while being clear that calls should be made only for urgent issues. This helps balance accessibility with personal time, he says.
To minimize disruptions, he also advises taking vacations when clients are likely to be on vacation themselves. “The summer and Christmas holidays are typically the best times,” he says.
The effectiveness of a well-thought-out system was evident during Amrit Mavi’s trip to Japan last summer, when a farming client called him in a panic despite the 15-hour time difference.
“He needed to redeem some funds from his corporate account and I did tell him, as I was out of the country, I couldn’t give him any advice on the tax implications of doing so,” says Mr. Mavi, founder and partner of ATA Financial Group in Regina.
“However, a colleague was able to speak to him when he called the office, and ensured we got everything completed that he asked for.”
Ultimately, ensuring clients know who to contact during an advisor’s absence helps with a stress-free vacation and keeps workloads from piling up upon their return.
“Vacations are a fantastic way to get a reset in,” Mr. Mavi says. “Sometimes we get run down and tired from the incredible demand that we face as advisors. Having this reset excites me to get back into the office and get back to work.”
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