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    • 50 Things I Wish Financial Advisors Knew About Marketing
    • What's A Good Financial Advisor Marketing Budget? Here's What I've Found...
    • 5 Reasons Why Hiring A Financial Advisor Marketing Agency Is A Bad Idea...
    • 5 Elements of High-Converting Landing Pages For Financial Advisors (With Examples)
    • Why "Branding" Is A Terrible Idea For Financial Advisors
    • 9 Inbound Marketing Strategies For Financial Advisors That Are Working Right Now... (With Proof)
    • Financial Advisors: Here's How To Get 3 New Clients In The Next 30 Days...
    • I Analyzed The Websites Of Barron’s Top 100 Independent Financial Advisors: Here’s What They Do Differently…
    • 4 Things I've Learned From Testing 3.2 Million Financial Advisor Emails
    • What Is The Optimal Number Of Clients For A Financial Advisor? (My Answer May Surprise You...)
    • Will Financial Advisors Become Obsolete? (Future Outlook For Financial Advisors)
    • How To Become A Virtual Financial Advisor (Plus Traits And Tools To Help You Work Remotely)
    • An Open Letter To Financial Advisors With Imposter Syndrome (Plus 4 Tips For Overcoming It)
    • How To Overcome Objections As A Financial Advisor (The Right And Wrong Way)
    • 7 Priceless Tips For Financial Advisors Who Want A "Lifestyle" Practice
    • 9 Research-Backed Stress Management Tips For Financial Advisors (That Actually Work)
    • 3 Powerful Ways Financial Advisors Can Use Webinars To Get More Clients
    • 10 Catastrophic Ways Financial Advisors Sabotage Their Own Success
    • These 5 "Weird" Tips Can Help Financial Advisors Form Better Habits
    • 5 Financial Advisor Follow-Up Tips (That Won't Annoy Prospects)
    • How Financial Advisors Can Write A Book (And Use It To Get Clients)
    • 7 Ways To Make Your Financial Planning Firm More Profitable
    • 7 Actionable Goal Setting Tips For Financial Advisors
    • 10 Of My Favorite Productivity Tools For Financial Advisors
    • How Financial Advisors Can Make A Phenomenal First Impression
    • 3 Reasons Financial Advisors Should (And Shouldn't) Start A Podcast
    • Financial Advisors: 4 Reasons Why Buying Leads Is Like Burning Money
    • 11 Tips For Writing A Stellar Financial Advisor Bio (With Examples)
    • 7 Traits Successful Financial Advisors Have (From Someone Who Has Worked With Thousands Of Advisors)
    • 6 Common Financial Advisor Interview Questions (And How To Answer Them)
    • 5 Things Financial Advisors Should Know Before Buying A Book Of Business
    • Looking For A Financial Advisor Internship? Here Are 10 Things You Should Know...
    • How Hard Is The CFP® Exam? (Plus 5 Of My Favorite Tips To Help You Pass)
    • 10 Insurance Marketing Tips, Ideas, and Strategies (That Actually Work)
    • How to Become a Financial Advisor In 5 (Not So Easy) Steps
    • How To Make Six Figures As A Financial Advisor
    • 11 Lucrative Cold Calling Tips for Financial Advisors
    • 10 Things I Wish All Entry Level Financial Advisors Knew
    • 6 Video Marketing Tips for Financial Advisors: Why Video Marketing Is So Powerful
    • 7 Reasons Why Most Financial Advisor Sales Training Completely Fails
    • Pros and Cons of Financial Advisor Coaching - Should Financial Advisors Hire a Coach?
    • 9 Elevator Speech Tips for Financial Advisors
    • A Day In The Life of a Financial Advisor: 7 Things You Can Expect
    • 7 Awesome Content Marketing Tips for Financial Services
    • Pros and Cons of Being a Financial Advisor: The Dirty Details Nobody Tells You
    • 8 Things Nobody Tells You About Being a Financial Advisor
    • 10 Things Financial Advisors Wish They Could Do Differently
    • 10 Awesome Content Marketing Tips for Financial Advisors
    • 12 Best Financial Planning Questions to Ask Clients
    • 5 Online Reputation Management Tips for Financial Advisors
    • Here's Why Clients Fire Financial Advisors
    • 5 Things Financial Advisors Should Never Do With Their Clients
    • 9 Cold Email Tips for Financial Advisors
    • 7 Tips for Avoiding Burnout as a Financial Advisor
    • 9 Tips for Creating a Financial Advisor Business Plan
    • 7 Must-Know Google Ads Tips for Financial Advisors
    • 7 Awesome Tech Tools for Financial Advisors
    • 10 Insurance Email Marketing Mistakes You Need to Avoid
    • 12 Facebook Marketing Tips for Financial Advisors
    • 3 Lessons From An Advisor Losing $1,000 Every Day
    • 7 Easy & Actionable Social Media Marketing Tips for Financial Advisors
    • 7 Door-to-Door and Cold Knocking Tips for Financial Advisors
    • 5 Things People Really Want From Financial Advisors
    • 5 Client Loyalty Strategies to Help You Retain More Clients
    • 7 Client Referral Ideas to Help You Get More Referrals
    • 8 Tips for Attracting UHNW Clients (With Proof That They Work)
    • Top 10 Best Books for Insurance Agents (2020)
    • 15 Financial Advisor Prospecting Ideas & Techniques That Work!
    • 11 Awesome Client Appreciation Event Ideas for Financial Advisors
    • Life Insurance Leads - Should You Buy Them?
    • 5 Ways Financial Advisors Can Improve Direct Mail Marketing Results
    • 7 Reasons You'll Fail as an Insurance Agent
    • 7 Horrible Insurance Marketing Ideas
    • 5 SEO Strategies For Financial Advisors (That Actually Work)
    • Social Media Tips for Financial Advisors: Experts Weigh In
    • The Secret Behind Awesome Financial Advisor Value Propositions (Plus Examples)
    • 5 Tips for How to Sell Insurance Over the Phone
    • 15-Step Client Onboarding Checklist: Onboarding Process for Financial Services
    • The Best CRM for Financial Advisors (CRM Software for Financial Services)
    • 10 Actionable Seminar Marketing Tips for Financial Advisors (That Actually Work)
    • 9 Effective Appointment Setting Tips for Financial Advisors
    • 19 Financial Advisor Email Marketing Tips
    • 5 Ways to Overcome Call Reluctance
    • How to Handle Rejection In Sales: Overcoming Your Fear of Rejection
    • 7 Reasons Why Most Financial Advisor Websites Are Terrible
    • 27 Financial Advisor Marketing Ideas & Strategies That Work!
    • How to Become a Successful Financial Advisor: Your First Year
    • Top 10 Best Books for Financial Advisors
    • 7 Fatal Prospecting Mistakes You Can't Afford to Make
    • 5 Ways to Generate Leads Without Cold Calling
    • 7 Ways Prospecting Is Like Dating
    • 5 Reasons Why You're Not Getting Referrals
    • 5 LinkedIn Tips for Financial Advisors (Plus 3 Things They Should Be Tracking...)
    • How Financial Advisors Can Build Client Trust
    • 11 Reasons You'll Fail as a Financial Advisor
    • How Financial Advisors Can Make More Money
    • 5 Best Niches for Financial Advisors
    • How to Sell Without Being Pushy
    • How Advisors Can Get Out of Their Comfort Zone
    • 5 Characteristics of Successful Insurance Agents
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5 Client Loyalty Strategies to Help You Retain More Clients

Financial advisor loyal to his clients
​​​​I am proudly known as the guy who helps financial advisors get more clients. I’m, directly and indirectly, responsible for creating thousands of financial services transactions.

I know what it takes to get new clients. But once someone has a client, there have to be strategies in place to make sure that person stays.
​

It’s important to cultivate client loyalty and I’m here to help you do that. After all, you worked so hard to get the clients – why not fight to keep them?

What Is Loyalty?

Loyalty does NOT mean that clients stay with you out of inertia. Loyalty is when your clients stay with you even though your competition is ringing their phone and undercutting you. Loyalty is when your clients are more committed to your relationship than the short-term (and short-sighted) gains they could receive somewhere else.

Trust is the cornerstone of client loyalty. Those in financial services must work hard to build and maintain trust, especially since a Gallup poll found that only 25% of Americans have confidence in financial institutions. So most of the prospects you’re targeting on a daily basis don’t even trust the industry you represent.
 
Here are some of the biggest client loyalty strategies I’ve learned over the years.
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1. Share Your Values

The financial services industry is a relationship business. In fact, there’s a whole school of sales thought around “social selling”.

If you want to build and strengthen a relationship with your current clients, it helps to share the same values. According to a study by the Corporate Executive Board of 7,000 consumers who said they had a brand relationship, 64% cited shared values as the primary reason. That means that having shared values is the single largest driver of client loyalty.

If you can identify a niche market that has a tendency to share your values, you’ll have a tremendous advantage from day one. Sharing values is also a great way to build your value proposition since clients will feel more comfortable working with you than someone with different values.

One company that does this really well is Harley-Davidson. In 1983, Harley-Davidson was almost out of business. By 2008, the company was valued at nearly $8 billion. What happened? Well, if you know anything about Harley riders, you know they share some similar values. Harley-Davidson made a commitment to build a brand catered to a particular type of person.

ALSO READ: Best CRM for Financial Advisors
Financial advisor loyal to his motorcycle
Harley-Davidson is a great example of sharing values with your customer base.

2. Be Transparent

It bothers me when financial services professionals try to hide every little mistake from their clients. Yes, you want to be a competent professional, but there will be days when things don’t go as planned. When that happens, be honest with your clients about the bad news.

In 2008, Domino’s Pizza put out a survey on the Internet and customers tore them apart. They told Domino’s, in no uncertain terms, that they didn’t love the crust, the sauce, or the cheese. Hmmm… that’s pretty much the whole pizza, isn’t it?

Anyway, Domino’s was transparent. The company made the survey results public and asked customers to help fix the problems. Being transparent led to more followers, more engagement, and more customers.

By becoming a little vulnerable, you can develop deeper relationships with people you usually keep at arm’s length. And that’s the whole game – relationships.

Oh yeah – don’t hesitate to apologize when things go wrong. Even the best of companies have made mistakes. Yet, their loyal following doesn’t seem to dwindle away. The most customer-centric companies make it a point to apologize quickly and outright every time they commit a mistake or let down a customer.

When you take ownership, clients might even start promoting you for completely changing their opinion about you. That would be a win-win.

3. Exceed Expectations

Do what you say you’re going to do, plus a little bit more.

Yeah, that’s pretty much common sense, but some people still don’t do it. In fact, those in insurance and banking (as a whole) have a terrible reputation when it comes to customer service.

If you say you’ll get back to someone within 48 hours, get back in six.

Make sure you’re continuously eliciting customer feedback. How could you possibly exceed customer expectations without knowing what those expectations are in the first place? How would you know if clients like your office, your approach, your planning style, etc. until you ask?

Ask your clients for feedback so you can figure out their expectations and figure out a way to exceed them. If you can correctly leverage client feedback, you’ll have a clear picture of what you should be doing to surpass expectations.

You shouldn’t feel discomfort when seeking feedback. If you genuinely desire to serve your clients (and build loyalty), you will want to know how you can serve them better. Once your clients sense that you’re genuinely interested in their welfare, they’ll feel good about giving you their feedback.

ALSO READ: 11 Awesome Client Appreciation Events for Financial Advisors

4. Stay In Touch With Them

When I was building my business, I often came across people who would tell me, “I’m already working with someone.”

“Great! If you don’t mind me asking, is there anything you don’t like about your current relationship?”

More often than not, the prospect would complain to me about the lack of communication.

“I haven’t heard from him in months”, would be a common response.

Staying in touch is a great client loyalty strategy because it keeps you top-of-mind and continues to strengthen your relationship. Whether it’s an email, a monthly flyer, a reminder card, a phone call, or a greeting card, just keep in touch.

ALSO READ: Here's Why Clients Fire Financial Advisors

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5. Attempt to Measure and Improve Client Loyalty Throughout Your Business

It would be great if client loyalty could be measured in numbers. We could look at someone who is a 70/100 and try to bring him up to as close to 100 as possible.

Unfortunately, that’s not the case, but we can use a few metrics to gauge client loyalty. Try giving your clients individual scores by answering these questions: 


  • How long has the client been with you? If someone has been with you through up and down market cycles (even if he/she hasn’t invested much) is a good loyalty indicator.
  • Do you have most of that client’s assets? You’re naïve if you think that your clients have all their money with you – I laugh when advisors tell me stuff like that. But if your client trusts you enough to have a significant amount of assets, it’s less likely that he/she will leave.
  • Does the client listen to what you say? Give some credit to the clients who follow your recommendations. This is a sign of trust and it shows that they value your expertise, which separates them from the people who are always shopping for information and second opinions.
  • Has the client given you any referrals? If so, how many? This is a big indicator of client loyalty. Extra points for each additional referral given.
  • Has the client introduced you to any family members? Research estimates that more than $41 trillion in wealth will past from one generation to the next in the next 50 years, which is the greatest transfer of wealth in U.S. history. If your clients have introduced you to their children or grandchildren, you probably have a loyal client. Congratulations.

I want you to take a look at your most loyal clients and try to reverse-engineer what you did to facilitate that loyalty. If you can replicate those client loyalty strategies and scale them out, you’ll build your business faster than ever before.  

P.S. If you're a financial advisor who wants to get more clients from LinkedIn, make sure you check out How to Get Clients With LinkedIn: How Financial Advisors Can Set Appointments and Convert Prospects With LinkedIn


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  • Home
  • About Me
  • Get Clients With LinkedIn
  • New Advisors
  • Products
  • Inner Circle
  • Blog
    • 50 Things I Wish Financial Advisors Knew About Marketing
    • What's A Good Financial Advisor Marketing Budget? Here's What I've Found...
    • 5 Reasons Why Hiring A Financial Advisor Marketing Agency Is A Bad Idea...
    • 5 Elements of High-Converting Landing Pages For Financial Advisors (With Examples)
    • Why "Branding" Is A Terrible Idea For Financial Advisors
    • 9 Inbound Marketing Strategies For Financial Advisors That Are Working Right Now... (With Proof)
    • Financial Advisors: Here's How To Get 3 New Clients In The Next 30 Days...
    • I Analyzed The Websites Of Barron’s Top 100 Independent Financial Advisors: Here’s What They Do Differently…
    • 4 Things I've Learned From Testing 3.2 Million Financial Advisor Emails
    • What Is The Optimal Number Of Clients For A Financial Advisor? (My Answer May Surprise You...)
    • Will Financial Advisors Become Obsolete? (Future Outlook For Financial Advisors)
    • How To Become A Virtual Financial Advisor (Plus Traits And Tools To Help You Work Remotely)
    • An Open Letter To Financial Advisors With Imposter Syndrome (Plus 4 Tips For Overcoming It)
    • How To Overcome Objections As A Financial Advisor (The Right And Wrong Way)
    • 7 Priceless Tips For Financial Advisors Who Want A "Lifestyle" Practice
    • 9 Research-Backed Stress Management Tips For Financial Advisors (That Actually Work)
    • 3 Powerful Ways Financial Advisors Can Use Webinars To Get More Clients
    • 10 Catastrophic Ways Financial Advisors Sabotage Their Own Success
    • These 5 "Weird" Tips Can Help Financial Advisors Form Better Habits
    • 5 Financial Advisor Follow-Up Tips (That Won't Annoy Prospects)
    • How Financial Advisors Can Write A Book (And Use It To Get Clients)
    • 7 Ways To Make Your Financial Planning Firm More Profitable
    • 7 Actionable Goal Setting Tips For Financial Advisors
    • 10 Of My Favorite Productivity Tools For Financial Advisors
    • How Financial Advisors Can Make A Phenomenal First Impression
    • 3 Reasons Financial Advisors Should (And Shouldn't) Start A Podcast
    • Financial Advisors: 4 Reasons Why Buying Leads Is Like Burning Money
    • 11 Tips For Writing A Stellar Financial Advisor Bio (With Examples)
    • 7 Traits Successful Financial Advisors Have (From Someone Who Has Worked With Thousands Of Advisors)
    • 6 Common Financial Advisor Interview Questions (And How To Answer Them)
    • 5 Things Financial Advisors Should Know Before Buying A Book Of Business
    • Looking For A Financial Advisor Internship? Here Are 10 Things You Should Know...
    • How Hard Is The CFP® Exam? (Plus 5 Of My Favorite Tips To Help You Pass)
    • 10 Insurance Marketing Tips, Ideas, and Strategies (That Actually Work)
    • How to Become a Financial Advisor In 5 (Not So Easy) Steps
    • How To Make Six Figures As A Financial Advisor
    • 11 Lucrative Cold Calling Tips for Financial Advisors
    • 10 Things I Wish All Entry Level Financial Advisors Knew
    • 6 Video Marketing Tips for Financial Advisors: Why Video Marketing Is So Powerful
    • 7 Reasons Why Most Financial Advisor Sales Training Completely Fails
    • Pros and Cons of Financial Advisor Coaching - Should Financial Advisors Hire a Coach?
    • 9 Elevator Speech Tips for Financial Advisors
    • A Day In The Life of a Financial Advisor: 7 Things You Can Expect
    • 7 Awesome Content Marketing Tips for Financial Services
    • Pros and Cons of Being a Financial Advisor: The Dirty Details Nobody Tells You
    • 8 Things Nobody Tells You About Being a Financial Advisor
    • 10 Things Financial Advisors Wish They Could Do Differently
    • 10 Awesome Content Marketing Tips for Financial Advisors
    • 12 Best Financial Planning Questions to Ask Clients
    • 5 Online Reputation Management Tips for Financial Advisors
    • Here's Why Clients Fire Financial Advisors
    • 5 Things Financial Advisors Should Never Do With Their Clients
    • 9 Cold Email Tips for Financial Advisors
    • 7 Tips for Avoiding Burnout as a Financial Advisor
    • 9 Tips for Creating a Financial Advisor Business Plan
    • 7 Must-Know Google Ads Tips for Financial Advisors
    • 7 Awesome Tech Tools for Financial Advisors
    • 10 Insurance Email Marketing Mistakes You Need to Avoid
    • 12 Facebook Marketing Tips for Financial Advisors
    • 3 Lessons From An Advisor Losing $1,000 Every Day
    • 7 Easy & Actionable Social Media Marketing Tips for Financial Advisors
    • 7 Door-to-Door and Cold Knocking Tips for Financial Advisors
    • 5 Things People Really Want From Financial Advisors
    • 5 Client Loyalty Strategies to Help You Retain More Clients
    • 7 Client Referral Ideas to Help You Get More Referrals
    • 8 Tips for Attracting UHNW Clients (With Proof That They Work)
    • Top 10 Best Books for Insurance Agents (2020)
    • 15 Financial Advisor Prospecting Ideas & Techniques That Work!
    • 11 Awesome Client Appreciation Event Ideas for Financial Advisors
    • Life Insurance Leads - Should You Buy Them?
    • 5 Ways Financial Advisors Can Improve Direct Mail Marketing Results
    • 7 Reasons You'll Fail as an Insurance Agent
    • 7 Horrible Insurance Marketing Ideas
    • 5 SEO Strategies For Financial Advisors (That Actually Work)
    • Social Media Tips for Financial Advisors: Experts Weigh In
    • The Secret Behind Awesome Financial Advisor Value Propositions (Plus Examples)
    • 5 Tips for How to Sell Insurance Over the Phone
    • 15-Step Client Onboarding Checklist: Onboarding Process for Financial Services
    • The Best CRM for Financial Advisors (CRM Software for Financial Services)
    • 10 Actionable Seminar Marketing Tips for Financial Advisors (That Actually Work)
    • 9 Effective Appointment Setting Tips for Financial Advisors
    • 19 Financial Advisor Email Marketing Tips
    • 5 Ways to Overcome Call Reluctance
    • How to Handle Rejection In Sales: Overcoming Your Fear of Rejection
    • 7 Reasons Why Most Financial Advisor Websites Are Terrible
    • 27 Financial Advisor Marketing Ideas & Strategies That Work!
    • How to Become a Successful Financial Advisor: Your First Year
    • Top 10 Best Books for Financial Advisors
    • 7 Fatal Prospecting Mistakes You Can't Afford to Make
    • 5 Ways to Generate Leads Without Cold Calling
    • 7 Ways Prospecting Is Like Dating
    • 5 Reasons Why You're Not Getting Referrals
    • 5 LinkedIn Tips for Financial Advisors (Plus 3 Things They Should Be Tracking...)
    • How Financial Advisors Can Build Client Trust
    • 11 Reasons You'll Fail as a Financial Advisor
    • How Financial Advisors Can Make More Money
    • 5 Best Niches for Financial Advisors
    • How to Sell Without Being Pushy
    • How Advisors Can Get Out of Their Comfort Zone
    • 5 Characteristics of Successful Insurance Agents
  • Contact