Are you worried about client retention? If so, I’ll give you an easy and short answer.
Do you want to like what you see in the mirror each day? If so, then work on excellent customer service and rapport building. Can you fix decreases in customers buying from you? No, we all have them. Harvard has a 98% graduation rate. That means 2% of those who are accepted do not complete the four-year program, which is the equivalent of a 0.04% dropout rate per month.
In the financial advising world, we have a long way to go. While 7% client attrition may be an industry average (and it may even be 10% per month) that’s not a given. I’ve personally seen highly successful businesses with less than a 2% attrition rate per month. Not great by Harvard’s standards, but the difference between 7% and 2% makes a phenomenal difference in your client count, word-of-month reputation, and, ultimately, your revenue.
Focus on quality service, as perceived by your clients, and all other elements of your business will take care of themselves (that is if you become an expert marketer, master of sales skills, and manage your business effectively).
If you don’t know what your client retention (or inversely attrition) rate is, click here to schedule a practice evaluation. We’re here to help.
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