Focus on Client Retention

SSN Marketing Practice Development

Focus on Client Retention
By Corey Keltner, Practice Development Specialist

According to HBR, it costs 5 to 25 times more to find a new client than retain existing ones. Our business is especially important because most of your new clients will likely come from referrals. So this means that you must keep clients happy to retain them and to gain new ones. Let’s look at a couple of reasons why clients leave and some simple ways to keep it from happening.

  1. Lack of Communication – You should have some level of proactive communication with all of your clients.
  • Create a Tracking System – If you are not tracking client contacts, then you may be defaulting to contacting the ones that you like the best or the ones that follow up with you more often.
  • Add a Newsletter – While this may not be as powerful as a conversation, it gives you a way to provide ongoing education to clients. Otherwise, they may be getting their planning ideas from your competition.

2.  Lack of Value – One of your biggest challenges is when a client believes that you cannot help them with an upcoming financial life event.

  • Expand Your Relationship – Maybe you have kept your role focused on the client’s investments up until this point and need to grow into the bigger financial picture. Start slowly by adding a few open ended questions and move into a more formalized process over time.
  • Anticipate the Need – Begin looking 5 years ahead and anticipate the roadblocks that may keep clients from moving forward. Get them talking about it now before they hear a better solution from someone else.

Most clients will not leave without a good reason. When they are confronted by another advisor offering something shiny and new, it goes back to their perception of your relationship and value.
It’s up to you. Spend a little extra time now and you can keep what you have or you can spend much more time down the road regaining the ground you lost.

Please email Corey Keltner if you have any questions at

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