FAcontact.com

It's not enough to be just GOOD.

Customers’ expectation levels have risen dramatically. Today, 80% of customers who leave their previous [advisor] rate that [advisor] as "good." But you need to be better than good if you want repeat business, loyalty and referrals.

But like many advisors, do you place more emphasis on gaining NEW clients than courting your EXISTING clients? BIG MISTAKE. Why?

The unseen benefits (repeat business and referrals) from retaining and courting existing clients far outweigh the benefit of obtaining new clients. Just look at the table below which shows you where the most profitable advisors invest most of their time:

Tiburon Strategic Advisors

Consider these comments from leading industry research:

“Clients leave their advisors most of the time because they are unhappy with the service they received....”
Research Study Russ Alan Prince and Brett Van Bortel

“Frequent contact with customers, or "relationship management," is important in building a successful business. The payback is clear: Retaining current customers costs five to seven times less than finding new ones. Studies show that over a lifetime, loyal customers purchase more, cost less to sell to, and will refer five other people to a business.”
TICKER Magazine

“Your clients can go to anyone to purchase generic investment products, but if you fill the role of trusted adviser, they are unlikely to do so. Accordingly, you have to strive continually to enhance your relationships with your clients.”
Financial Planning Magazine

“…the most satisfied [affluent clients] averaged 28 contacts (in person, by telephone, by mail and by email) with their advisors in a one-year period. Very dissatisfied affluent investors, on the other hand, averaged only 17 contacts over the same period”
CEG Worldwide study of affluent investors

“In our study of affluent investors…almost half of the respondents said they had changed primary advisors in the last year….without exception, investors who had switched had less regular contact with their primary advisors than those who had not switched.”
Registered Rep Magazine

…nearly nine out of 10 advisers (89.7%) earning at least $100,000 say that maintaining client communications is a significant concern to them….less than half of the advisers who are earning less than $100,000 think client communications is important.”
CEG Worldwide study of affluent investors

“You need lots of contacts with clients—between two and three contacts every month with every client…To accomplish it, you’ll want to create a system in which contacts are predetermined and easily replicated between clients”
Financial Planning Magazine

“Of those who had three or more annual contacts, 66 percent planned on giving their primary advisor more assets to manage, and 64 percent said they would give that same advisor referrals. Of those who had two or fewer contacts from their advisor, the numbers were 1.4 percent and 0 percent, respectively.”
Registered Rep Magazine

and as summarized in the research by Tiburon Strategic Advisors

"Largely due to these rates of dissatisfaction, nearly half of investors have given recent consideration to changing their primary financial advisors. Specifically, 43% of investors responded that they had recently considered a change, ...... For advisors intent on improving their showing in this realm, excellent client service appears to begin with a high level of client contact.

It’s all about client contact—it determines how much business clients do with you, how loyal they remain and how many referrals you get.

Click here to find out how to outsource your client contact and have us call and mail your clients for you - AUTOMATICALLY!