Keep What’s Yours. What’s Your Client Retention Strategy? (Checklist)
Whether you’ve been a financial advisor for years, or you’re just starting out, the number one rule for success is: Keep What’s Yours.
Specifically keep your clients, by continually practicing the science of client retention. Your client retention strategy is the sum total of all activities that ensure each and every one of your clients is happy, recommends your services and continues to do business with you.
Studies show that client retention is the single most important activity for any company. After all, it doesn’t matter how many new clients you bring in if you can’t keep them.
When evaluating your client retention strategy ask yourself the following questions:
- What is my strategy for when a financial crisis hits? Will my clients stick with me through turbulent times?
- How often am I communicating with each client? Am I only responsive or am I proactive?
- Am I engaging the client’s entire family? Or am I only focused on one person?
- Am I keeping track of my client’s interests? How am I utilizing this information?
- If a competitor reaches out to my client, will my client show interest, or leave?
- Am I tracking, acknowledging and congratulating clients on important events in their lives? (graduations, births, weddings, retirement)
- Does every client get a birthday gift or card ? Does the card and message change every year, or do I just send the same thing card over and over again?
- Do I invite every client to a client appreciation event, or activity at least once a year?
- Does each client know how much I appreciate their business, am I making them feel special?
- Am I giving clients experiences that they want to brag about to their friends?
Think you should be doing more? Check out a sample client appreciation program here.