Never underestimate the role that client service plays in your business, says John Bowen Jr.
Strong client loyalty also creates more assets for financial advisors.
Consider the fact that over a 12-month period, clients identified as faithful to their financial advisors gave them $376,000 in additional assets to invest, on average, according to a recent study by industry researcher Russ Alan Prince. By contrast, clients who were moderately satisfied with advisors provided only $17,000 in extra assets. This dynamic exists with referrals, too, Prince noted: Loyal clients gave their advisors 11.8 referrals, on average, versus just 0.1 from the moderately satisfied ones.
When you delight clients, they become your marketing apostles.
