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Securing Client Loyalty

A recent survey conducted by EY revealed that about one-third of high-net-worth clients are considering switching advisors over the next three years. Many are looking for greater value and some are questioning whether fees based on assets under management are fair. High-net-worth clients often work with multiple providers to meet different needs, so they can compare, and they are also considering leveraging technological solutions. 

What can advisors do to prove their value and improve satisfaction to secure client loyalty?

Provide high-touch service. Clients want advisors to be proactive and responsive. Nearly 50% of high-net-worth clients surveyed by Spectrem Group, said they would consider changing advisors if their calls or emails were not returned in a timely manner. Clients want a greater level of personalized attention that anticipates their needs.

Educate clients, including the next generation. Clients knowledgeable about wealth planning are more likely to appreciate the value their financial advisor provides and less likely to consider switching. Building a trusted relationship with clients’ heirs can help advisors retain relationships when intergenerational wealth transfers occur.

Solve your clients’ problems. Many wealth clients seek financial advice beyond the traditional wealth goals of saving for retirement or a college education; they’re looking for information about trusts and estate planning, philanthropic giving and teaching their children about managing money. Many say they also need help budgeting and establishing savings plans.

Help your clients through transitions. When clients go through a major life change, such as starting a new job or a new business, getting divorced or losing a spouse, they’re in greater need of holistic wealth planning; it’s also a time when they’re more likely to consider changing advisors.

Provide convenience and develop tools clients want. As we transition into an increasingly digital world, more people are leveraging digital technology such as apps to conduct business, including managing their wealth.

Sources: 2019 Global Wealth Management Research Report, EY ©2019 Would They Stay or Would They Go? Advisor vs. Firm Loyalty, a Spectrem White Paper, Spectrem Group ©2017