Eliminate defections by cementing your relationship early.
Clients are most vulnerable at two critical times: in their first 3 interactions after becoming a client (buyer’s remorse), and anytime the relationship manager/sales rep moves. In both cases, the still-forming relationship is most affected by expectations that are uncommunicated.
An entrepreneur selling his company transferred 25% of his investments to a new wealth provider, promising to make a decision on the remaining 75% within two years. On his new-client Penny Survey the entrepreneur revealed, “I need strategic, not tactical, advice,” and rated his previous provider as particularly weak on that issue. By probing and responding directly to that comment, which had never emerged in previous discussions, the new advisor was able to deliver exactly what the client envisioned. The entrepreneur transferred the balance of the account within 9 months.