The Ultimate Checklist for Nurturing Client Bonds and Maximizing Retention

As an advisor, there’s no point pouring energy and money into new client acquisition if you’re not intentional about the way you cultivate your relationships with your clients after-the-fact.

However, a recent survey conducted by YCharts reveals an alarming state of client dissatisfaction. Conducted in 2023, the survey revealed that 75% of advisory clients contemplated leaving their financial advisor or already had.

Delving deeper, the report highlights the main reason behind this dissatisfaction, is a communication gap between advisors and their clients, with a significant disparity between the amount of communication clients desire from their financial advisor, and the actual frequency of communication they’re getting.

Shockingly, only 5% of respondents expressed contentment with their advisor's communication methods, highlighting a critical area for improvement.

To help alleviate this problem, ensure that clients and advisors are on the same page about what to expect from the relationship, as well as to bridge the communication gap and aid advisors in meeting client expectations, we've developed this comprehensive workbook.

Introducing the Financial Advisor Client Retention Workbook, designed to empower you in navigating your client relationships with purpose.

When you have completed the workbook you will have: #

• Established Clear Client Expectations: Set precise expectations with clients to ensure mutual understanding and satisfaction.
• Enhanced Client Relationships: Gain a deep understanding of your clients' goals, circumstances, and preferences through discovery, and practice active listening to personalize your communication effectively.
• Optimized Advisory Practices: Support your advice with relevant metrics, seek client feedback, and implement processes to deliver a consistent and high-quality client experience.

How to use this workbook  #

Use this workbook as a guide to maintain a strong relationship with your client. Download or print it and attach it to each client's file for easy reference. Refer to this checklist frequently and adapt your approach as needed.