10 proven client retention strategies to keep your business growing

What is a client retention strategy?

In the financial advisory sector, keeping clients happy is just as important as finding new ones. 

Developing effective client acquisition and retention strategies is essential. These strategies help you maintain your existing relationships and lead to more referrals and a thriving practice.

Simply put, a client retention strategy is a plan that outlines how you’ll keep your clients engaged, satisfied, and coming back for more. It involves understanding their needs, staying in touch, and consistently delivering value that keeps them loyal. 

Think of it as your roadmap to ensuring clients feel appreciated and understood. Both are key ingredients in building long-term relationships.

Why do clients leave their financial advisers?

To keep your clients from jumping ship, it’s crucial to know why they might leave in the first place. 

Here are some common reasons:

• Lack of communication: Clients want to feel connected. If you don’t keep in touch, they may feel neglected and seek someone who does.
• Unmet expectations: If clients’ expectations aren’t met — whether it’s about service or results — they might start looking elsewhere.
• Fee structures: Clients can get frustrated with fees, especially if they don’t feel they’re getting enough value in return.
• Better offers: With so many options available, clients might switch to another adviser who offers a more appealing deal.
• Personal changes: Life events like moving house or changing jobs can lead clients to seek out different advisory services that fit their new circumstances.

Proven client retention strategies

The best client retention strategies require thoughtfulness and a personal touch. 

Here are some effective techniques to employ:

1. Set expectations

Clear communication from the get-go helps prevent misunderstandings. 

Clients who know what to expect regarding communication and services are less likely to feel disappointed.

At your initial meeting, explain your communication style, how often you’ll provide updates, and what services you’ll offer. This clarity builds trust right from the start.

2. Ask for feedback

Asking clients for feedback regularly shows that their opinions matter. This approach helps you improve and reinforces the idea that you value their input.

After key meetings or milestones, send a quick survey to gather their thoughts on the service you’ve provided. This kind of engagement helps you stay aligned with their expectations.

3. Keep things personal but professional

A personal touch can make a world of difference. 

By showing you know and care about your clients, you strengthen your relationship.

Remember important dates like birthdays or anniversaries and reach out with a simple message or card. These little gestures make clients feel valued and are an excellent financial adviser client retention strategy.

4. Make sure you have the hard numbers & facts

Clients appreciate data-driven insights. 

Providing clear, factual information boosts their confidence in your expertise.

You should regularly share performance reports that detail their investments and how they align with their goals. To make the information digestible, you can use easy-to-understand visuals, like graphs.

5. Listen to what your clients have to say

Active listening is key. When clients feel heard, they’re much more likely to stay loyal.

During meetings, ask open-ended questions about their experiences and future goals. Showing genuine interest in their perspectives fosters a strong connection.

6. Measure improvements

Tracking the effectiveness of your retention efforts helps you understand what works best, allowing you to refine your client retention strategies continuously.

Keep an eye on client retention rates and satisfaction scores over time. Use this data to identify trends and adjust your approach as needed.

7. Keep in touch with clients

Regular communication helps maintain engagement and keeps your services top-of-mind. Staying connected is crucial.

Ask your clients to opt in to receive monthly newsletters with valuable insights, market updates, or handy financial tips. This will keep them informed and highlight your expertise.

8. Be transparent

Transparency builds trust, and establishing trust is one of the best client retention strategies. 

Clients want to know what’s going on behind the scenes and feel assured that you’re looking out for their best interests.

Clearly explain your fee structure and any potential conflicts of interest. Openly discussing these matters encourages a sense of partnership.

9. Consistency

Delivering consistent service reinforces reliability. Clients appreciate knowing they can depend on you, no matter what.

Establish standard procedures for communications and service delivery. This ensures clients feel supported throughout their journey.

10. Cater to your client's preferences

Tailoring your approach to fit your client’s preferences can enhance their experience and make them feel special. 

Understanding how they like to communicate can strengthen your relationship.

If a client prefers emails over phone calls, make an effort to communicate in their preferred manner. This shows you’re attentive to their needs and flexible in your approach. 

Want to work with Unbiased?

Prioritising financial adviser client retention is not just good practice; it’s essential for long-term success. 

By implementing these strategies, you will create a solid foundation that keeps your clients happy and transforms them into loyal advocates for your services. 

Unbiased Pro will help you grow your firm by matching you with the right clients who value your expertise and delivering them straight to your inbox.