Top 5 Client Retention Tips From Advisors At Consolidated Planning

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According to a study by AssetMark, of those clients who leave to find a new advisor, on average, 20% do so within the first year and 25% leave within the second year.

This means implementing effective client retention strategies should be on yesterday’s to-do list.

In this article, we’ll share five best practices from seasoned financial advisors at Consolidated Planning for improving your retention strategies. From this list, you can decide what will work for your practice or what strategy you can refine to ensure you retain your financial advising clients.


Improve Retention Rates In Your Financial Advising Practice

Without a repeatable client service model in place, advisors can find themselves struggling to do the necessary things to retain their clients or simply think there is no need for additional efforts to retain them.


Finding clients is only half the battle. What comes next is KEEPING them. After all, satisfied clients are more likely to provide you referrals, therefore helping you build a referral practice.


#1 Schedule Bi-Annual or Quarterly Meetings

Regular communication is the cornerstone of a successful advisor-client relationship. And successful advisor-client relationships are the cornerstone of your financial advising practice.

Oftentimes advisors will choose to schedule bi-annual or quarterly meetings with their clients. These sessions provide an opportunity to discuss financial goals, assess progress, and address any concerns. Face-to-face meetings help foster a sense of trust and connection, reinforcing the client’s confidence in the advisor’s ability to navigate their financial journey. And navigate it well.

Of course, there are instances where meeting face-to-face isn’t possible and that’s okay. What’s important is establishing a repeatable process when it comes to reassessing and reviewing your client’s financial journey.

Ultimately, the meeting cadence depends on the complexity of your clients needs as well as how often they indicate they want to meet. Even if your standard is bi-annually, you likely won’t (or shouldn’t) say no to an additional meeting requested by your client…right?


#2 Send Actual Mail

Staying top of mind with your clients boasts huge benefits in continuing to advance the client-advisor relationship. And while we find ourselves in an age dominated by digital communication, receiving a physical letter or personalized package can leave a lasting impression. 

Que your client retention rates.

Advisors who understand the power of tangible gestures often send handwritten notes, holiday cards, or informative materials via mail. This personal touch not only distinguishes the advisor from the digital noise but also demonstrates a genuine interest in the client’s well-being beyond the financial realm.

Talk with a team member


#3 Send A Monthly Newsletter

Communication outside of your yearly or quarterly meetings is where true relationships build lies. In fact, according to a study by YCharts, three out of five clients said that more frequent and/or more personalized contact with their advisor would give them more confidence in their financial plan.

Regular communication is key to keeping clients informed and more importantly, engaged. And keeping your clients actively engaged is where you find your client retention.

Utilizing monthly newsletters is a great opportunity to do just that – engage and retain those hard earned clients. Sharing industry insights, market updates, relevant financial tips, and any resources unique to your practice and its clients are just some of the content ideas you can include.

Newsletters are also an incredible tool to subtly showcase your experience and serve as a valuable resource for your clients. Hey, you may even unintentionally do some cross selling by the content you’re including.

By consistently delivering quality content, you can continue to position yourself as a trusted source of information and demonstrate a commitment to client education.


#4 Connect With Your Clients on LinkedIn

Connecting with your clients on LinkedIn is perhaps one of the most overlooked, but effective, things an advisor can do. LinkedIn provides advisors with an additional avenue to connect with clients on a more personal level. 

By sharing relevant industry news, success stories, or even personal updates, advisors can further build and humanize their brand and foster a sense of community. LinkedIn serves as a platform for ongoing engagement, allowing clients to stay connected with you and reinforce the professional relationship in a more casual setting.

If you aren’t already leveraging your LinkedIn profile, this is an action you can get started on right away. 


Properly leveraging your LinkedIn provides additional opportunities for prospecting in efforts to build your practice.


#5 Always Ask for Feedback

In an effort to refine your client service model and retain clients, asking for feedback is the most direct way to do so.

And most advisors, or an professional for that matter, severely lack in this area.

Actively seeking client input through surveys or informal conversations not only demonstrates a commitment to continuous improvement but also provides insights into clients’ evolving needs and expectations. By incorporating client feedback into your practices, you can tailor your services to better align with individual preferences, ultimately strengthening the client-advisor relationship.


Retain Your Financial Advising Clients

Implementing a client service model can help streamline your processes when it comes to client retention strategies. The goal when it comes to retaining your clients should focus on efforts that will advance the client-advisor relationship. Here’s a good way to remember that focus:

  • Communicate early
  • Communicate often, and
  • Communicate in a way that resonates with your clients

Finding and retaining clients in itself is a huge undertaking. And without the right support at your firm, it can be hard to find the time to do so. For more support in allocating time to revenue-generating activities, it might be time to talk to a team member on how Consolidated Planning supports their advisors.

Talk with a team member



2023-165386 Exp. 11/2025

Published:  December 8, 2023