June 7 | Firm Element Session 3 |
June 13 | Griffin / Bain Capital & GIREX Webinar |
Please welcome the newest members of the LifeMark Home Office team:
Nicholas DelGaizo – Operations Associate
Joseph Polizzi – Commissions Processing Intern
Nicholas DiCecca – Compliance Intern
Featured Article – Broadridge: Learn How to Have Clients for Life
Client acquisition and retention are the two pillars of success for any financial advisor’s practice. It can take a major investment of time and financial resources to bring good clients on board. But it may be even more important to dedicate those resources to retaining your clients over the long term.
This has always been true, but it has taken on new importance with the shift from transactional compensation to fee-based advising. In a transactional world, maintaining strong client relationships might bring the client back for more transactions — certainly a worthwhile business goal. However, in a fee-based practice, retaining long-term clients can lead to more substantial continuing revenue. Consider a client with $1 million of assets under management at a 1% annual fee. Over the course of 20 years, that client could generate $200,000 in revenue.