Client retention not only makes pure economic sense in and of itself, but developing lasting relationships is the very best form of marketing we can do for the firm. Satisfied clients spread the word about us and how we approach financial matters a little differently with our commitment to active investment management.
We do several things to promote client retention. It starts with the basic financial planning that we are able to offer without a fee. Our close rate is very high with prospects, so we feel confident we can afford to do this. And we are 100% transparent about how our firm makes money in each and every client relationship. Clients greatly appreciate this.
A second piece is the client review process. Although our firm has a good number of clients, our goal is to meet with each client 3-4 times a year. Aside from evaluating their portfolio’s investment performance, we review any number of issues from changes in their life circumstances to taxes. I also like to provide some information at each meeting that is fresh, whether it involves a financial topic in the news, a new product concept, or a new tax law that might affect them down the road.
Third is our ongoing educational process. This is one-on-one for all clients, of course, but we also like to conduct frequent seminars that include current clients, not just prospects. It also involves regular educational newsletters and fresh topical content on our website each month.
Finally, we show our appreciation to clients in any number of small ways. Our clients love the fact we have a co-op arrangement for a free birthday meal for them at one of our top local restaurants. Sounds simple, but it is a win-win-win for us, for the client, and for the restaurant.
Disclosure: Joe Wirbick is a Registered Representative of J.W. Cole Financial, Inc. Securities offered through J.W. Cole Financial, Inc. (JWC), member FINRA/SIPC. Advisory Services offered through J.W. Cole Advisors, Inc. (JWCA). Sequinox and JWC/JWCA are unaffiliated entities.
Since 2020, advisory services offered through Mulholland Wealth Advisors (MWA). Sequinox and MWA are unaffiliated entities.
Photography by Jeremy Hess
