Nothing looks good or bad until it has been compared. Any serious business owner will pay attention to what matters most, and in business, GROWTH is not optional. Some of the most important year-to-year Key Performance Indicators (KPIs) for a financial advisor are:
1. Number of new clients
2. Average annual revenue earned per client
3. Client retention rate.
These metrics will speak volumes on a year-to-year basis. Business is biological, and if it is not growing, it is dying.
Admittedly, these are not the only KPIs that matter. They are, however, vital to a financial planner who wants to succeed in the long term. If the KPI trend is going down, it is time to employ sales and marketing tools and techniques designed to help build business. Often, the best place to turn is a reliable vendor who is a proven marketing partner in the areas of lead generation and client retention.