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Advisers raise their game on client relationships

Adviser practices have become better at maintaining client relationships, with most utilising computer-based systems, a Business Health survey has found.

The poll of more than 300 practices reveals 95% use automated client relationship management systems, while 84% update client data within 24 hours of each contact.

Only 5% of practices still use spreadsheets and paper-based filing systems.

The average number of support staff in practices has risen to 3.2 per business supporting 2.7 advisers, according to the study.

Principals are improving management of staff, with most having written job descriptions and 73% saying their descriptions have been reviewed in the past year.

The survey shows 43% of practices communicate with their best clients at least 10 times a year through meetings, events, newsletters or phone calls.

One in six communicate with their best clients fewer than five times a year.

Only 30% of practices actively seek feedback from clients, but this figure has double since 2012.

Business Health says few practices are planning for the future, with 59% having no 12-month business plan, a similar proportion lacking a five-year plan and 9% without a succession plan.