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Developing Loyal Clients

There are four levers any advisor can implement in order to reach a million dollar plus practice, and the “lever of loyal clients” is one of the most important. In his book, Cultivating the Middle Class Millionaire, Russell Alan Prince quantifies the value of a loyal client. Through his research Prince determined that a loyal client generates a significantly higher number of referrals, brings in considerable new assets, does substantially more business, and has a much higher retention rate than clients that consider themselves “satisfied, but not loyal.”

Every financial advisor who is motivated to grow their business should have the majority of their clients in the “loyal” category. The question is, how exactly do you develop a loyal clientele?