Loyalty. Advisors depend on loyal clients to keep their business strong, and clients depend on loyal advisors to make their money work for them. CEG Worldwide conducted a survey and found that there are six Cs of client loyalty. The list, written by Patricia J. Abram and published in Research magazine, is as follows:
- Character. Clients look for integrity in advisors. When it stands up to tests, clients become more loyal.
- Chemistry. This C cannot be forced; it's either there or it isn't.
- Caring. Know a client's goals and dreams, and work with him to get there. Show a client-first attitude.
- Competence. Advisors who know what they are talking about and can show that to clients will succeed in building loyalty.
- Cost-effectiveness. This isn't to be confused with cheap. Clients will pay more for services if they can see they are getting their money's worth.
- Consultative approach. Be a partner with clients, not a dictator. Most people don't want to be told what to do; they want to be advised and have a say.
Success with all six Cs is a sure way to success in building client loyalty. And loyal clients supply referrals, which keeps the appointment book full.
