Six Ways to Boost Client Retention and Satisfaction

Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.

Clients are the lifeblood of an independent financial advisor’s business. But unlike some service businesses, your success doesn’t depend on a high volume of incoming clients or a revolving door of short-term engagements. Your business growth depends on developing strong, long-term relationships with satisfied clients who are happy to refer you to their friends and family.

You’re in the relationship business.

Invest time and resources into nurturing your relationships with existing clients. Client appreciation efforts are a form of relationship marketing that retains clients and cultivates high client satisfaction.

Here are six relationship-marketing tips advisors can use to celebrate clients.

1. Host client appreciation events

Client appreciation events are a time-tested way for financial advisors to celebrate clients and strengthen relationships. Treating clients to something like a fine dining experience, wine tasting, family picnic, or sporting event rewards their loyalty and provides an opportunity for you to get to know them better in a social setting outside of your regular business meetings.

And when you host events, encourage clients to bring guests. This bolsters the sense of community you’re building among your client base and allows you to connect with more potential clients. Clients will talk about it with friends and colleagues. “My advisor threw a dinner party last night…” is likely to turn into a conversation about you and a possible referral.