New Venture Allows Financial Advisors to Improve Client Retention
While most financial advisors admit they don't have as much contact with their clients as they should, they also don't realize the statistical significance. According to an article in Harvard Business Review:
"Every minute you spend with existing clients is worth 500% more than time you devote to acquiring new clients."
"Raising customer retention rates by only 5% increases sales by 25-85%."
Many financial professionals desiring to grow their business pursue marketing to strangers while the facts indicate that time is best focused on contact with existing clients. ...
