12 Reasons clients maintain an ongoing relationship with Financial Advisers

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If you don’t know why your clients remain with you how do you know what’s important for the future of your business?

In one of my previous articles, I talked about what clients value about a financial adviser. It was evidence-based meaning it was taken from the research I have conducted for many years with clients of financial advisers. In this article, I’d like to share why clients maintain an ongoing relationship with a financial adviser, again, evidence-based.

The statements below are a good indication of the feedback that I receive from actual clients of financial advisers. I believe it’s important to regularly talk to your clients to find out what they value about your advice, what benefits you’ve provided them in terms of your advice and why they remain a client. Your business is built on your clients so why not get their feedback about your business?

  1. Good service. Friendly and speak in a language that is easy to understand – no jargon. They include myself and my wife in the meetings so that both of us understand the advice and what our financial situation is.
  2. Because of their caring attitude and overall effective management of our portfolio. We have no reason to leave.
  3. Because they know us, they know what we want to achieve and they know our financial situation. They’ve helped us plan for our retirement, without them I doubt we’d know when we could retire.
  4. We need them because we don’t know how to look after our finances ourselves.
  5. I trust them with my finances. They haven’t let me down. I’m comfortable that they have my best interest at heart because they haven’t done anything wrong so I have no reason to doubt them.
  6. I only have to speak to one person which I can do face to face, via email or over the phone whichever suits me far quicker than I could find the answer out on the internet.
  7. They are the ones that have organised our finances and know how to manage them. We don’t so without them in our lives we would be a complete mess.
  8. They have provided very useful advice which has ultimately helped us so we trust them. We don’t have to get involved in the details. They tell us what we need to know at a high level which is all we want.
  9. Don’t have time to know what changes are being made in government that might impact is or what’s happening in the financial markets that could also impact us. We pay them to monitor all that for us.
  10. They are proactive and contact us way before we’ve even thought we should contact them about something so it demonstrates that they have our best interest at heart and really do understand us.
  11. We know that we can contact them at any time we have a question and they will respond. Even if they don’t know the answer they’ll find out and tell us. That gives us peace of mind.
  12. Because we now have a better understanding of our finances which means we can make better decisions today about things that we want and know how those decisions will impact our future.

Of course, it goes without saying, your clients might have other reasons why they remain a client of yours, the above are general themes that I have put together based on the years of research I have conducted. It is important to note, however, that if you don’t know why your clients remain with you how do you know what’s important for the future of your business?

By Rachel Staggs

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