5 Ways Financial Advisors Can Drive Client Retention

OlufisayoMarch 8, 20220296 views

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Wealthy people often look up to financial advisors for guidance, yet retaining clients in the industry is far from easy. There is no room for error because people are unforgiving when it comes to money. Moreover, the competition in the domain is booming. You can expect clients to switch quickly if they are unhappy with your services.

Consider going the extra mile for retention rather than focusing mainly on prospecting and business development. The good thing is that retention lets you get more business through word-of-mouth recommendations. Here are some actionable tactics for financial advisors to drive client retention.

Highlight success stories

When people trust you with financial decisions, they need solid ground to do it. The best way to convince them is by highlighting your success stories right from the prospecting phase. It gives them a deeper look into your investment philosophy, team approach, financial planning software, and communication and collaboration style of your firm. They will probably develop faith in your advice early on and stick around for the long haul.

Create a consistent client experience

A consistent client experience is the cornerstone of long-term retention. Provide a seamless onboarding process to start with, ensuring the journey from discovery meeting to lead closure is as smooth as possible. You can take the experience ahead by creating templates for meeting agendas, implementing consistent workflows, and sharing necessary information with the clients on time. Keep things in place with good communication and response practices.

Let metrics speak

Incorporating metrics always makes you a reliable service provider because the audience connects better with numbers. You need a robust tracking and reporting process for having key metrics about progress at hand. Leveraging a financial advisor support platform is an even better idea as it makes reporting effortless. You can document client directives from the start and provide them with the relevant metrics with status updates down the line.

Act on feedback

Implementing a feedback system is crucial as it enables you to uncover your flaws and address them. Get regular performance from your current clients and request it from people leaving your firm. Embrace both positive and negative because it lets you invest in continuous improvement and maintain strong retention. Address the errors that slip through the cracks on time. Let the client know about the action on their feedback. Also, implement measures to prevent similar issues in the future.

Invest in relationships

Client relationships matter more than anything else when it comes to retention. Give your best here and now, and explain what clients can expect in the future. Stay in touch even after helping the clients achieve short-term money goals like building an investment portfolio or starting a college savings plan. They will probably need more services down the line, so invest in relationships to be on top of their mind. If they trust you enough, they will surely return.

Client retention need not be a struggle for financial advisors. All you need to do is prioritize client expectations and earn their trust, and they will stay forever.

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