According to a recent survey by Fidelity Investments, advisors rely on current clients to generate nearly 48% of new business.
Yet, nearly 45% of millionaires would not recommend their financial advisors.
The discrepancy between these two figures is unsettling! With so much emphasis put on client referrals, shouldn’t advisors being going above and beyond to offer the best service possible?
Too many advisors get so wrapped up in landing new business, they forget about the clients they already have or push them to the bottom of their priorities list. This is totally backwards logic and is not a sustainable way to build a business!
Consider some of the lesser talked about tips for keeping high net worth clients (or any client!):
Playing offense is always preferable to defense when it comes to losses or market downturn. Don’t make the fatal assumption of believing you can just shoo this one under the rug and your client will be none the wiser.
Be proactive in explaining to your client how the market affects their investments (good and bad), to avoid misaligned expectations and miscommunication down the line.
Generally, clients will be more than willing to give feedback on your services. In the case where they need a bit of probing, ask how they felt about your last meeting, upcoming changes and if they’re comfortable with the direction of things.
The relationship between client and financial advisor is closer than most professional relationships, meaning it requires special attention.
When something new pops up on the market, or there’s a buzz around a new opportunity, inform your client right away. Give your client all the options of what is available in the market and what fits best with their goals.
Even if you think they won’t be interested, at least give them the option and awareness of what’s out there. It’s better to get a “no” than a disgruntled phone call later on when they feel they’ve “missed out.”
The role of a financial advisor is a dynamic and demanding one — I want to share everything I know about building and maintaining a financial services business.
Call 866-846-4943 or email firstname.lastname@example.org to reserve your spot!