Three strategies to retain top clients and gain referrals

Recent studies have shown clients are considering moving assets or changing advisors. This month, we’ve been focused on rejuvenating your office and practice without breaking the bank. I hear from advisers on a regular basis that they need ways to attract new clients, while at the same time they are working hard to retain the ones they have.

THE CHALLENGE

Start this week to put these three strategies in place and you will retain current clients and find new ones cost-effectively.
Commit to four to six top-client communications over the next six months. With investors considering changes, now is the time to increase communications and set your practice apart. A few ideas:
Mail a card for an upcoming holiday to your top 50 clients. Use an outside company to send out client cards for you. Corporate Greetings Inc. (corporategreetingsinc.com) offers quality cards, writes the cards and envelopes by hand, and mails them all for about $2.50 per card. You can hardly buy a card for this cost and all you have to do is supply the names and addresses — they do the rest.
Co-sponsor a local charity event. Ask clients about local charity events they support and consider becoming a co-sponsor. This is an opportunity to entertain clients, raise awareness and money for the cause, and have fun. Last summer, the spectacular Cantigy Gardens in the Chicago area hosted a July concert with Gary Sinese’s band (yes, of TV’s “CSI: NY” fame) to raise money for our troops (ltdanband.com). A top adviser invited 10 clients to the event, arrived early to reserve an area for his guests to sit, and brought simple snacks. It proved to be a memorable evening and the group felt good raising money for an important cause.
Invite clients to bring a guest to events and make sure you welcome them. As they leave, let them know you will be following up with them. The key is to have a follow-up letter or e-mail ready to go out the morning after the event and to schedule a follow-up call or meeting. Don’t wait. If 10 clients attend an event and they each bring a friend you now have 10 new warm prospects.
E-mail a newsletter, market update or white paper. Contact your favorite wholesaler and obtain a white paper or investor-approved piece to e-mail clients update clients as a way to update them on the market or another important issue. Leverage your firm or wholesalers to find the right communication. There should be no cost involved.
An adviser in Texas uses newsletters as one of his main referral sources. He offers a retirement check-up and follows up with the friends and family to whom his clients forward the newsletter. The key to keeping newsletters cost-effective is to tap into your wholesalers or firm for turnkey newsletters you can send out. If possible, track the clients who open the newsletter and forward it.
Prioritize follow-up and automate referrals. These are great ideas, and now the challenge is finding the resources to get even two or three of these ideas off the ground. This is where you can leverage outside resources and technology that may not cost additional money.
Hire college students as interns and help them gain valuable business experience. Select two communication opportunities from above and have them manage them. Be sure the intern is proficient with your software. Before the projects begin, have the intern update your database for your top 50 clients’ addresses, birthdays and current interest or hobbies. Now you are ready to execute.

Maureen Wilke has spent 20 years in marketing and wealth management with firms including Nuveen Investments and Sequoia System International. She has worked with thousands of advisers to increase their effectiveness and has developed The CONNECTED Advisor practice management system to help product distribution teams and advisers on practice management strategies. Sign up for the free Stay Connected newsletter at www.connectedadvisor.com.

Related Topics: Client Prospecting