Hey everyone! Horsesmouth.com, which in my opinion should be one of the top resources of every financial adviser, had a great article about the power of handwritten notes by Jim Domanski. It’s great to see so many top consultants like Jim Domanski and Sean Bailey are touting the handwritten note as both a client retention and referral generating tool.
Why should we worry about client retention? Man oh man, if you have to ask that question you need to pull your head out of the sand!! Study after study has shown that less than 20% of an adviser’s clients are loyal! That means only 20% are going to give you referrals, are going to give you more money or are not looking from something better.
80% of you clients are satisfied and that is dangerous! Yes, you heard me, DANGEROUS! I have always been told that you should have satisfied clients, but what I didn’t know was the mindset of satisfied clients. Satisfied clients are simply biding their time until they find something better. That means they are reading, listening and attending your competitor’s seminars and when they find something better, they are going to leave.
Thank God that 99.9% of our competitors don’t take much of an interest in their business or we could be in for some stormy times with our merely satisfied clients! But that also opens up a huge opportunity! What is it?
Over 80% of our competitor’s clients are also merely satisfied. That means if their clients find something better, they will leave. Our best prospect is our competitor’s best clients and they are ripe for the picking. We just have to give their clients something that would cause them to think that we were “something better.” What is that?
