There is nothing more frustrating for an advisor than losing a client. It's even more difficult when high-net-worth clients leave. High-net-worth clients are an important segment for any financial advisor. Not only do they bring in more revenue, but they also refer other high-net-worth individuals to the firm. What can advisors do to ensure they don't lose their best clients?

In this episode, Rusty and Robyn talk with Brett Van Bortel, Director of Consulting Services at Invesco Consulting. Brett has developed and delivered numerous consulting programs to increase financial professionals' profitability, effectiveness, and productivity. At Invesco Consulting, Brett develops and delivers business development models to assist advisors in distributing investment management products.

As a consultant, Brett talks with Rusty and Robyn about some tips and tricks for maintaining client relationships, why high-net-worth clients leave their advisors, and what advisors can do to prevent losing top clients.

Key Takeaways

Quotes

[05:31] - "What we saw in our research was a ticking time bomb inside the majority of advisors' practices. A significant number of top clients began to look for the exit sign from an advisor's practice." ~ Brett Van Bortel

[06:45] - "Getting high-net-worth clients, typically the top clients for any advisor, is one of the greatest challenges. And there are a lot of programs out there on new client acquisition, but no one was looking at the other side of the coin of new client acquisition, which is top client retention. They're on a treadmill running fast but not getting anywhere." ~ Brett Van Bortel

[11:21] - "The vast majority of top clients weren't leaving because of performance. They were leaving because of something to do with a breakdown in the relationship and communication with their advisor." ~ Brett Van Bortel

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1930-OPS-10/13/2022