WealthPlan Group

Client retention is the lifeblood of the financial advisor industry.

The industry is evolving faster than ever, and the data shows that retention is hanging in the balance.

Advisors, it's crucial to bridge the gap between client expectations and your practices.

Here's some tips on how to do it:

Strengthening Your Client Retention Strategies - WealthPlan Group Client retention is the lifeblood of the financial advisor industry, but dangerously, it’s also something many advisors take for granted.

Risk tolerance generally focuses on how much volatility a client is willing to endure, but we prefer to focus on the amount of “downside” risk a client is comfortable with.

Why is this?

In our experience, when you ask a client about their tolerance for volatility, the answers are fairly subjective.

Our industry has long leaned on terms like “aggressive” or “conservative”, but these are dependent on both the client and the advisor and can create a definition gap.

It’s far more helpful to identify the amount of money a client is comfortable with risking correlated with the growth targets.

Shared, non-jargon language is the best foundation to build upon.