Everyone loses clients.
As an agent or advisor, you have a list of active prospects.
These are people with the potential to be great clients.
It's logical to assume these great prospects are the great clients of competitors.
At the same time, competing agents at other firms have active prospects in their pipeline. These often include your current clients.
Why do clients leave?
Some firms conduct exit interviews when employees leave. Some firms might do the same when a client leaves for a competitor. What reasons do they give?
While researching my book, Captivating the Wealthy Investor, I had conversations with many high-net-worth individuals. I asked each if they had ever changed financial advisors. Several said yes.
For a look at seven of the reasons they gave me, see the gallery accompanying this article.
The reasons given for leaving often point to a lack of communication and attention: If you're not giving your client attention or your personalities don't align, consider sharing the account with another advisor or asking another advisor to take over the account.
If a client is listed under your production number and your name appears on the statement, you're responsible for the relationship.
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