The financial planning services at The Monitor Group is a highly personalized process complemented by a genuine interest in protecting its clients. The Rockville, Maryland firm’s annual retention rate is 99%, with many of its clients having been there for 10, 15 and even 20 years. That client engagement process—a perfect blend of automation and personal engagement—involves a tier system that ensures each member of The Monitor Group connects with its clients on a personal level throughout the year.
The approach involves regular touchpoints with everything from financial planning sessions, quarterly reviews, personalized birthday cards to informative newsletters. Additionally, The Monitor Group team expresses their appreciation to top-tier clients with purposeful gifts that align with their values and interests.
“This year, we chose a company dedicated to helping the homeless community, where every purchase of their blankets is matched with a donation to a local shelter,” says Laura Starr Ramos, Office Manager & Marketing Specialist. “We further encourage our clients to contribute by providing instructions on how they can support the cause. By selecting gifts that support small businesses and contribute to meaningful causes, we not only express gratitude to our clients but also make a positive impact on the community. This balance between personalized gestures and meaningful actions underscores our commitment to fostering strong client relationships while embracing automation to streamline our processes.
In today’s fiercely competitive financial services landscape, your approach to client engagement is paramount. Building deep, meaningful relationships is not just about retaining existing clients, but also attracting new ones. Starr Ramos says The Monitor Group measures the ROI of its relationship-building initiatives based on more than just wealth accumulation. For example, it places significant value on the recommendations and referrals from clients who share its values.
“They understand how committed we are to each client and to serving our community,” Starr Ramos says. “Our business operates solely on 100% word-of-mouth referrals. We do not invest in any advertising or social media. Our website serves as a reinforcement of our team’s expertise and validity in the eyes of our clients. We believe our success stems from the fact that we create long lasting relationships beyond the financial transactions with our clients and they in turn are our best advocates and send us referrals that stem from a deep understanding of our values.”
For the Community
M Financial Planning Services is a comprehensive financial planning firm, that works to meet the individual needs of their clients and serve as their financial compass. And in a world where technology continues to change the way companies reach their audiences, COO and Marketing Director Jennifer Markowski says that winning over the community takes a group effort.
For example, while M Financial utilizes a robust CRM to track client details, all touch points are personalized. It conducts automated marketing as the core of its outreach, but the meaningful contact is always personal. “I think a term used recently with A.I. is ‘human aided,'” Markowski says. “This is not entirely on the advisor’s plate. We get our clients comfortable with all staff members, so they can reach out meaningfully as well. We also do the basics: thank you cards, gifting for referrals, birthdays, client anniversaries. Truly what our clients value is our time and attention. Our staff knows everyone by name, their families, who used to be neighbors with whom. Who should and should not golf together.”
When it comes to fortifying the customer experience and building stronger relationships, the M Financial team puts a premium on the family unit as a whole, i.e., not ignoring the next generation. Being comprehensive in their planning, during the discovery process, M Financial experts will ask about parents, siblings and children, trying to get a sense for how they may impact the client’s financial life.
“Lots of advisors offer free consultations, but we position it as a service to the next generation,” Markowski says. “We’ll sit down with your young adult children and review their employee benefit package with them. Are you concerned about your parents’ situation now that they have retired? We’ll meet with them, too. These meetings don’t always result in new clients, but our core clients appreciate the consideration. It’s all about making inroads to the larger family, the expanded network.”
The success in how the Marlton, New Jersey, firm is able to keep its client base growing comes down to the referral rates it receives. Markowski says the firm can identify what type of client/center of influence refers to the “best fit” clients or whose referrals close the fastest. “I would find the ‘best fit’ referrals the most valuable—and they usually come from centers. Your CPA knows your financial situation a lot better than your best friend does.”
As the financial services industry evolves, providers will continue to implement innovative approaches to cultivate and sustain client relationships. By prioritizing personalized experiences, proactive communication and leveraging technology, they can strive to not only retain existing clients, but also attract new ones in an increasingly competitive landscape.
Staying connected
What clients want from their financial advisors
The good news is that 75% of financial investors are satisfied with their financial advisor. The key is staying in touch to what they need and when. According to the “2024 CapIntel Investor Engagement Report,” when asked how often their financial advisors should check in, two times per year was the minimum. Here’s a look at how they prefer to be contacted:
40% In-person
28% Email
19% Phone call
10% Video call
4% Text
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Phone: (816) 459-8404