Wealth management is not a stagnant profession. Services evolve as the wants and needs of clients change. Client retention is dependent upon how well financial advisors adapt to those changes. At no point in recent history has this been more apparent than in 2020. In this article, we’ll discuss some essential financial advisor client retention strategies to help you hang on to more of your current clients and offer long-term value.
Managing your advisory practice in 2020 is very different from how you may have done it ten or even five years ago. New technology and advanced communication tools have altered the landscape of client services. Market conditions are volatile. Consumer confidence is low. These all need to be taken into account when developing a practice management plan. If you already have a plan in place, don’t completely scrap the old framework. Just be prepared to modify it. In this post, we’ll provide essential financial advisor practice management tips for the “new normal.”