Revenues for investment advisory firms have increased since 2009 and some advisory firms know how to stay on top. What have these firms been doing to stay on top? Making sure their clients are at ease during these tumultuous economic times.
Financial advisors are trying to find unique ways to let their clients know they are in good hands. Some firms are offering loyalty programs and client advisory boards. During a recession, it is easier to retain the clients you do have than to acquire new business.
Along with adding client incentives to retain their business, advisors have even cut their own salaries to get through the economic downturn. The best way to succeed in your business is having a strong relationship with your clients. You must know what they need and how to develop a plan that will put them at ease.
In business, we are always trying to find ways to retain the clients that we already have. I believe you have to work twice as hard to get new customers as you do to retain the customers you already have! The customers who have already bought from you have developed a level of trust with you already, especially if your product or service delivered!