Client Meetings: The Magic Number Is 52 Minutes

David Hunter
January 4, 2010 | COMMENTS

A recent study examined how much time advisors spend in client meetings and its correlation to client retention.

During the American Bankers Insurance Association annual conference in October 20089, Sales Quality Research Group (SQRG) shared the findings of its 2009 study, including that advisors' time spent in client interviews is decreasing due to mounting time pressures, e.g., advisors have to meet with more clients during the recession.

Data from SQRG shows the time spent in client meetings has a direct correlation to client satisfaction and closed sales. The study concluded the “optimal” time spent in client meetings is 52 minutes. This result has been consistent for more than a decade.

For the last 15 years, SQRG has used mystery shoppers to examine 40 criteria for client satisfaction—from advisor compliance to sales and service. From these results, it calculates an overall satisfaction score. The score saw the largest drop in its history from the fourth quarter of 2008 to the first two quarters of 2009.

The report indicates that during that period advisors, on average, were spending 10 minutes less per meeting—most obviously reflected in less time spent in the “discovery” and data-gathering phase of each meeting.

Another disturbing discovery by the mystery shoppers: One-third of advisors never attempted to close a sell and allowed prospects to walk away. Others made vague recommendations or showed clients three possible solutions and asked them to pick one, which can be a compliance nightmare.

David Hunter is a business development acquisition specialist for CUNA Mutual Group. Reprinted with permission.