The Value of Communication in the Client-Planner Relationship
Cheng, Yuanshan, Chris Browning, and Philip Gibson. 2017. “The Value of Communication in the Client-Planner Relationship.” Journal of Financial Planning 30 (8): 36–44
20 Pages Posted: 28 Apr 2018
Date Written: April 10, 2018
This study explored how various types and frequencies of communication relate to client satisfaction, trust, and commitment. Results indicate that clients were generally more satisfied when they received higher frequencies of investment-related educational communications, greeting cards, personal notes, and scheduled meetings.
Increased frequencies of investment-related educational communications were positively associated with the likelihood of continuing to use the planner in the future and the percentage of assets managed by the planner. Greater frequencies of non-investment-related educational communications were associated with a larger number of referrals.
Greeting cards and personal notes were found to be more relevant than non-investment-related educational communications when building client satisfaction and trust. The overuse of interest and hobby communications was found to result in lower levels of satisfaction, trust, and commitment. Scheduled meetings were positively and significantly associated with higher levels of satisfaction, trust, and commitment across all domains. The value of this type of communication appeared to top out at approximately four scheduled meetings per year.
Keywords: communication, financial planning
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