Client retention is a crucial factor in running a successful financial advisory practice. It is as vital as new sales because it offers a more profitable avenue. It opens the door to using that account as a referral source.
It is essential to preserve the investment assets currently under management, particularly as they pass between generations. Whether you are preparing for growth, succession or want to improve productivity, you must have a good understanding of which client relationships are likely to be long-term, and which relationships are at a greater risk.
Growing an advisory practice is far more challenging when continually trying to bring in new business and replace relinquished assets or policies. Higher client retention leads to higher revenue and asset growth.
A great back-book strategy:
- A sustained internal campaign to embed the message and make retention a part of the organisation ethos.
- A dedicated retention team and structured feedback loop
- Practical usage of customer touchpoints and improvement in the customer journey
A terrific customer engagement strategy and a compelling proposition
And much more
If you are reeling under a lot of claw-backs or looking for creative ways to leverage your massive back-book, it is time to give Your Thinking Hats a call.
We can help you increase your Customer Lifecycle and Customer Life Time Value by designing an incredible retention architecture