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Keys To A Better Client Appreciation Strategy

Jun 01, 2017

ClientAppreciationStrategy
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Six steps to improving your approach to rewarding — and retaining — your clients.

Sponsored by Commonwealth Financial Network.

When developing new client relationships, it’s easy to forget about engaging the clients you already have. That can be a big mistake: Retention is as integral to the growth of your business as adding names to your book. According to a study by PriceMetrix, firms which retained 95 percent of their clients grew by 25 percent annually; those who retained only 80 percent of their business grew by less than half that number.

Client appreciation — whether holding events or thanking clients — can add value, strengthen relationships, and ultimately inspire them to stick with you. “The key to effective client appreciation isn’t any singular tactic or act — it’s a program of ongoing, targeted efforts to convey your gratitude,” says Beverly Flaxington, co-founder of The Collaborative, a Medfield, Massachusetts-based consulting firm which provides practice management resources to financial advisors.

Here are six things to consider when developing and executing a client appreciation plan:

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TAGS: Practice Management
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