never underestimate the role that client service plays in your business, says john bowen jr.
strong client loyalty also creates more assets for financial advisors.
consider the fact that over a 12-month period, clients identified as faithful to their financial advisors gave them $376,000 in additional assets to invest, on average, according to a recent study by industry researcher russ alan prince. by contrast, clients who were moderately satisfied with advisors provided only $17,000 in extra assets. this dynamic exists with referrals, too, prince noted: loyal clients gave their advisors 11.8 referrals, on average, versus just 0.1 from the moderately satisfied ones.
when you delight clients, they become your marketing apostles.