Keys to Building Life-Long Loyalty with Clients

Keys to Building Life-Long Loyalty with Clients

Successful financial advisors know that client retention is vital for sustaining and growing their business. Replacing a client who leaves with a new client is expensive and hard work, costing five to 25 times more than retaining an existing one. Success at retaining clients enables advisors to focus on delivering value to them instead of having to pursue new clients.

However, advisors who shoot for a high client retention rate, as crucial as that may be, might be falling short of the mark. Building client loyalty is much more critical. Is that a difference without a distinction? What does it mean when you have a client’s loyalty?

Many clients stick around for various reasons:

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Not Getting Through to Your Clients? 5 Ways to Step Up Your Engagement

5 Ways to Step Up Your Client Engagement

Most financial advisors understand the importance of client communications. Those who don’t find out the hard way that poor or infrequent communications is the number one reason clients leave their financial advisor, according to a Financial Advisor Magazine survey. But what if you feel you have a deliberate client communications strategy, yet your clients seem to be unresponsive or not engaging with you at a level that gives you confidence they are fully on board?

That’s not a good feeling, and it should sound alarms if you hope to maximize client retention.

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How to Create a Systematic Communications Strategy

How to Create a Systematic Communications Strategy

By now you should know the importance of staying engaged with your clients. Clients who feel less engaged are less likely to trust their advisor relationship and more likely to bolt when things go south, if not before. At a minimum, they will feel less inclined to recommend you to others. Suddenly, it’s as if you’re spinning desperately on a hamster wheel with little hope of getting off.

Most advisors would agree that having a systematic communications strategy is essential for adding and retaining clients. The challenge for many is how to go about it. The exact tools and methods an advisor would use could vary greatly depending on their communication preferences, prospecting methods, and available time and resources. Here are a few steps to get you started.

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5 Reasons Advisors Need a Well-Conceived, Systematic Communications Strategy

5 Reasons Advisors Need a Well-Conceived, Systematic Communications Strategy

Financial advisors are reaching a pivotal moment that will shape their future. An increasingly competitive landscape, fee compression, the commoditization of advice, and increasing client expectations make client satisfaction, retention, and referrals more essential than ever. As advisors struggle to differentiate themselves in a sea of sameness, I always reach back to the time-tested solution: good communication.

If you have been following my blog for a while, you’re familiar with my core belief that communication is vital to developing solid and enduring relationships. You simply can’t form trusted relationships without good communication.

Most clients don’t feel engaged with their Advisor

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