December 16, 2020
4 Ways to Properly Maintain Your Client Relationships
Betterworth Team

Maintaining a client relationship is one of the challenging tasks of being an advisor. It involves time, preparation, and attentiveness when making decisions on your client’s portfolio or when having a meeting with them. As the advisory industry grows more competitive over time, any slight mistake or underperformance can cost the advisor a client that is key to their business. Following the tips below can help you to strengthen your client retention strategy and develop habits that will ensure your client’s satisfaction with your service.

1. Know the Key Dates

Knowing your client’s birthday, anniversary, or vacation dates will show the care you have for them as an advisor. Making contact with them on these sentimental dates will not only be appreciated by them, but it will show the importance you place on them as your client. However, these key dates don’t solely need to be personal; they can also be regarding investments such as GIC maturity dates or RRSP contribution dates. Ultimately, noting these essential days will be crucial to the success of your relationship with your client.

2. Prepare Periodic Updates for Your Clients

Preparing periodic updates (either monthly or quarterly) for your clients will ensure that your clients are informed about their portfolio progress and your future planning for their investments. Your client will significantly appreciate these updates as one of the most common criticisms of advisors is their infrequent contact with their clients. By having this periodic update, you will eliminate the possibility of having a client saying that you didn’t contact them.

3. Consistency

Keeping a consistent record with your clients by performing on your promised annual returns or calling them back immediately if you missed their call will all add to your ongoing relationship with them. If you properly develop these good habits and perform on your promises to your clients, you will notice a significant increase in client satisfaction and retention. Although this isn’t the deciding factor in your client’s satisfaction, it contributes immensely to their trust in you as an advisor.

4. Ask for Feedback

Asking your clients for feedback on your performance as an advisor will tell you what areas you need to improve. It could be through fixing your infrequent contact, helping them understand your investment choices, or giving them comfort in their investments in times of crisis. This constructive feedback will only further your development as an advisor. It will show your willingness to put your client’s satisfaction as your top priority, which every client wants.

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