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Everyone loses clients. Since it's a pretty safe bet everyone buys insurance or invests, it's logical to assume they left to go someplace else. Your best prospects are someone else's best clients. Unlike the business world, clients don't put their agents or advisors on probation. They vote with their feet. Why?
1. They feel unloved. Lack of communication is a major reason why clients leave agents and advisors. They don't get contacted unless they reach out first. They think they are "just another number."
Beforehand: You need to have a regular schedule of contact. Use your CRM. When you call, remind them about the last time you called.
2. They think the grass is greener elsewhere. Someone else prospects them, promising them lots of attention. There's a whole team that will be looking after them.
Beforehand: Let them know they are an important client. Meet face to face at least once a year. Explain the firm's capabilities.
3. Trading up. A competitor positions themselves as working with HNW and UHNW clients. They claim your firm is "mass market," offering cookie cutter solutions.
Beforehand: Talk about years in business, number of accounts at the firm and awards the firm has won.
4. They die. The assets are inherited by their surviving spouse. They either don't know you or don't like you. They move the assets away.
Beforehand: Get to know their spouse, treating them as an equal.
5. The heirs get the money. As above, the client dies. Heirs show up. You don't know them and vice versa. They have no connection. They move the assets and insurance proceeds to their own agent or advisor.
Beforehand: Try to get the client top introduce you to the next generation.
6. An advisor marries into the family. Their sister-in-law is in the business. Moving all their business is seen as the loyal thing to do.
Beforehand: Let them know it's OK to work with more than one financial professional.
7. There's a disagreement. An unresolved problem. Maybe it's a "not my department" situation. They claim they didn't understand what they bought.
Beforehand: Look for signs of dissatisfaction. Get them talking. Be open minded.
