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Three Ways to Improve Your Client Retention Strategy

Are you getting the most out of your efforts?

March 29, 2017

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Three Ways to Improve Your Client Retention Strategy

As a financial advisor, you are continually searching for new clients so you can grow your book of business. The 80–20 rule states that 20% of your customers produce 80% of your sales. This number reveals just how important it is to retain your clients, because losing even one can have a major impact on your business.

Do you think your client retention strategy is up to the task? Now is the time to evaluate your plan. Here are a few tips you may want to implement so you are getting the most out of your client retention efforts:

1. Stay “Top of Mind” Through Meaningful Contact
Studies indicate that 12 to 18 meaningful contacts per year are necessary for a positive advisor-client relationship. Your clients and prospects have expectations, so make sure you are staying in touch throughout the year. Email marketing is one of the best options as it has the highest ROI of any marketing channel. In addition, print newsletters are another suitable option to reach your clients.

2. Align Your Marketing with Your Target Audience
Evaluate the current makeup of your clients and prospects to help determine your target market. From there you can choose the best channels to reach your target audience, such as websites, social media, email marketing or seminars to deliver your messages.

3. Educate and Reinforce That You Are a Thought Leader
Client communications elevate your profile as an informed professional. You can create and confirm a positive image by delivering content on timely subjects to reinforce that you are an educator and an expert in your industry.


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