Retain Your Investor Clients with Regular Touchpoints

One of the greatest pain points for financial advisors is the possibility that valued clients will take their business elsewhere.

In some cases, this happens because wealth has been poorly managed or invested over a lengthy period of time. But, in other cases, the difference between retaining business or losing it comes down to trust.

Simply put: advisors who maintain trusting relationships with clients are far more likely to also retain those clients, instead of losing them to another advisor.

If you’re a financial advisor looking to build trust and retain more business, you need to make a concerted effort to check in with your clients more regularly. Keep reading to learn 5 practical ways you can maintain rock-solid relationships with your most valued customers.

Wish your clients (and their family members) a happy birthday.

If you’re even somewhat focused on your client relationships, chances are you’re already reaching out to your clients with a birthday call, text, or Facebook post. If you’re not doing this, you should incorporate it into your communication strategy right away.

Birthdays give you an organic excuse to talk to your clients at a set time every year—generating good feelings around you and your business, while reminding your clients that you’re available for anything they might need.

Of course, one of the most pressing concerns facing advisors is the threat of an ACATS request after a client passes away. That’s why it’s so important to generate top-of-mind awareness, not only with your clients, but also their spouses and children. One way to break the ice is by sending along a birthday card to everyone in the household.

Reach out around the holidays.

Just as birthdays offer built-in opportunities for client follow-ups, so, too, do holidays. Once you learn that your client celebrates a holiday, be sure to keep a record of that in your CRM or contact database. That way, you can be sure to send along a card or gift to honor the occasion.

If you’re unsure whether a client celebrates a certain holiday, it’s still a great idea to connect with your clients seasonally—especially if you offer something of value, like a delicious recipe. Speaking of which…

Check in around summer vacation.

Many of your clients will be taking a vacation at some point during the warmer months. That means it’ll be tougher to keep in touch and more difficult to stay top of mind. For this reason, you should consider reaching out to see whether your client needs anything before vacation season.

When you do this, you can also ask your client specifics about their trip, such as where they’re planning to go. Record their answer in your CRM, so you can follow up later and ask how their trip was. Your client will be glad that you remembered, and they’ll be far more likely to remember you the next time someone they know is looking for your services.

Send a customized, branded magazine.

When you’re connecting with your clients, it’s important to do so regularly and to go in with a game plan. Beyond that, you want to offer value to your customers whenever possible.

Many of your peers have already discovered the power of a high quality, 48-page publication from ReminderMedia. The magazine is full of great articles, photos, and recipes, without financial or product content—offering turnkey compliance approval. Plus, it’s branded with your business’s name and your photo, along with a custom letter that can be personalized down to the individual recipient level.

Your magazine enables you to connect consistently, with a new issue mailed every two months. Rather than being thrown out, like so many other direct mail campaigns, it will remain on the coffee table and be enjoyed by the entire family for weeks on end. Click here to learn more.

Download a PDF sample of American Lifestyle to stay in touch with past clients.

Ask your clients regularly about their priorities.

If you’ve put in a lot of effort getting to know your clients, they’re probably convinced that you already have their best interests at heart. But people change their minds and their priorities all the time, and your clients are no exception. Check in periodically with a phone call, an email, or even a text to find out what’s new with your clients.

Be up front with them about the fact that you want to know if there’s anything new on the horizon. Find out if there are any new goals they’ve set or unexpected expenses they’ve incurred—all of which might shape your investment strategy. If they say no, that’s fine. It’s far better for you to be proactive than to risk being caught off-guard by shifting priorities. Plus, your clients will appreciate that you’re taking such an active interest in their financial well-being.

At the end of the day, client relationships require nurturing. When you’re only reaching out to your client once or twice a year, you’re more like an acquaintance than a trusted guide through the world of wealth management.

By going the extra mile and keeping in touch regularly, you’re far more likely to remain top of mind—not only retaining more business, but also increasing the likelihood of valuable referrals.

Make your clients a top priority, and you’ll be rewarded handsomely for your efforts.

Written by Kevin McElvaney

Zealous wordie and reluctant writer of short bios. I'm dedicated to creating useful and educational content.