Are You in Danger?

Matt Oechsli, president of Oechsli Institute conducted a study to find the top 6 reasons affluent investors leave their advisor. 

This information can be used two different ways.  1) Make sure you do not suffer any of these 6 sins, to ensure you do not lose valuable client. 

2) These things are your competition’s Achille’s Heel… and remember, your best prospect is your competitor’s best client.  How could you use these things in your marketing to attract affluent investor’s, rethinking their advisors?

Top 6 Reasons

  1. Their advisor make’s more than one mistake.
  2. They perceive their advisor is more interested in marketing and finding new clients… than he/she is in taking care of them, the client.
  3. Poor communication.  This means a number of things. 
    • Advisor is not proactive in reaching out to clients… but instead waits for client to call them.
    • All communication is about money.  There are no relational contacts like birthday calls or wishes for the holidays.
    • Advisor does not understand what the client wants for communications… number of contacts per year… phone or in-person… educational content or not… etc.
  4. Not fully (and in a simple way)… covering ALL the fees they are being charged.
  5. Afraid the firm is not on solid ground or does not have a succession plan if something should happen to the advisor.
  6. Investment performance does not meet previously agreed upon expectations.  This means… Do NOT overpromise what you can deliver!

A great advisor should have at least one client focus group a year to gather client’s feedback as to whether they are hitting those 6 benchmarks. Top 6 Reasons

About Mike Kaselnak

Michael Kaselnak is considered one of the top marketing and sales experts in the financial services industry. He has personally mentored over 300 financial advisors in the past 10 years. These financial advisors saw their average production increase by 62%. Many saw increases of over 300 percent. He writes articles that have appeared in many mainstream magazines and has written the popular report 300 Financial Headlines that sell.
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