Three Winning Strategies for Client Engagement and Retention

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We all know how difficult it is to find new clients. After all, we’re asking them to trust us to be good stewards of their life savings and guide them through some of the biggest events in their lives. And while it’d be nice to know that the clients we land will stick with us for life, that’s not always the case. The numbers are hard to measure, but at least one study by E*TRADE suggested that 20% of clients who leave their advisor do so in the first year, and 25% leave within two years.

To keep your clients, do more than just your job – you need to keep them engaged. There’s a place for old-school engagement techniques like birthday cards and regular client meetings, but we can do better.

It’s time to try something new.

Personalized communication

If you look at surveys of clients who leave or aren’t satisfied with their advisors, one thing jumps out: communication. Clients often stray when their advisors don’t communicate often enough, clearly enough, or use the clients’ preferred channels. If a lack of communication is a big source of discontent, it stands to reason that the opposite is true – better communication means more engaged, satisfied clients. A report by McKinsey on high-net-worth clients supported this idea: According to its data, clients reported an ~25% increase in satisfaction when their advisors interacted with them weekly instead of quarterly.