How to Reconnect with Dormant Clients: Rebuilding Lapsed Relationships

How to Reconnect with Dormant Clients - Rebuilding Lapsed Relationships

If you’ve been in this business for any length of time, you know the cost, in terms of time, effort, and money, of bringing in a new client. You should also know that replacing a client who leaves with a new client costs five to 25 times more than retaining an existing one. Client retention is crucial to building a sustainable and profitable business.

How about when clients go dormant? They’re still on the books as clients but less engaged for one reason or another. They may still take your calls, but not necessarily your advice. If you track such things, you may find they no longer visit your website or respond to your social media outreach. They may have even pulled some business from you, leaving some to keep the relationship alive.

From a business standpoint, they may as well be a “lost” client. You either have to replace that lost business or find a way to reconnect and rejuvenate the relationship. The good news is these clients already know and trust you, so it should take less effort than starting from scratch with a new client. Additionally, proactively reaching out to inactive clients can uncover fresh opportunities and refortify the foundation of your relationship.

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For Financial Advisors, the Road to Success Begins with Solid Prospecting Habits

For Financial Advisors, the Road to Success Begins with Solid Prospecting Habits

For financial advisors, there’s nothing like the thrill of signing a new client. But it doesn’t take very long in the business to realize that, without prospecting, those thrills can be few and far between. While signing new clients is the opportunity all advisors relish, they must first create those opportunities, which can only be done through continuous prospecting.

Most advisors consider prospecting to be the most challenging aspect of their work. The challenge for many is doing it consistently and effectively enough to produce sufficient opportunities. For some advisors, prospecting is an afterthought, only becoming necessary when their pipeline dries up. But with the typical lead-to-prospect conversion process lasting as many as six months, that could mean weeks or months before signing a new client.

Successful advisors know that the key to sustainable growth is a constantly replenished pipeline through persistent prospecting. The only way that happens is by building solid prospecting habits.

Here are the essential success habits advisors must develop to become effective and consistent prospectors.

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5 Signs That It’s Time to Let Go of a Client

5 Signs That It’s Time to Let Go of a Client

Signing up a new client – any client – feels like an achievement, especially for new advisors. Keeping money coming in is after all the number one priority. Over time however you’ll find that you have two types of clients: Clients you actively look forward to speaking to i.e. those who are pleasant to do business with, make realistic demands on your time, and are fully onboard with your ideas. And then there are the others – the ones you come to dread dealing with.

As a financial advisor you should aim to only work with clients who are enjoyable to deal with and profitable. It’s not only acceptable to prune out bad clients – but essential to keep your business healthy.

So how do you know when it’s time to let go of a client?

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