It’s a great feeling when you’ve just won over a new client. But how can you ensure that your hard-earned business won’t become another advisor’s new find? Here are some pointers for creating clients who’ll never leave.
1. Identify the cream among your crop of clients. By focusing on top-producing clients, an advisor should see sizeable payback. Finding the 20 percent in the familiar “80/20 rule” (80 percent of an advisor’s business comes from 20 percent of their clients) would get you the biggest return, most experts agree.
However, some experts advocate keeping clients regardless of their bottom line. An inheritance or promotion can transform a minor client’s financial prospects, and can be very profitable if managed correctly.
2. Treating them royally to ensure their loyalty. Whether you trim your client list or not, much of your success with clients depends on the relationship you develop with them, the experts say. Consider writing letters of appreciation to clients when the client might least expect it. Also, call clients just to check in, not to make a pitch. These unexpected contacts can be very lucrative.
Invest in customer relationship management (CRM). CRM provides a tool to track each client’s phone calls, letters, meetings and requests, and can remind advisors when a contact is due. CRMs also can store those personal details about clients’ families, hobbies and interests that help advisors build better relationships.