Client Retention & Consistent Communication


A better financial portfolio means happier clients, right? Despite a healthy bank account, customers are becoming increasingly self-empowered to switch providers. So what can you do to foster client retention?

Why investors leave their advisors

When surveyed, only 29% of advisors say clients leave due to returns falling below expectations (1). Instead, 64% of investors leave because advisors fail to demonstrate value beyond portfolio construction, followed closely by 62% who said not communicating with clients in a way they expect is what spoils the relationship (1).

According to a Spectrum Group survey, high wealth clients (1-5 Million in assets) are most likely to leave their advisors because:

  1. Does not promptly return phone calls (61%)
  2. Is not proactive about contacting the client (53%)
  3. The advisor does not provide good ideas and advice (48%)
  4. The advisor does not return emails promptly (46%).
How Advisors Can Keep Their Millionaire Clients, Spectrum Group, 2014

Source: How Advisors Can Keep Their Millionaire Clients, Spectrum Group, 2014


The reality is that maintaining strong relationships with all your investors, all the time is difficult. It can be hard to find time to maintain and grow your existing client relationships, when you are busy monitoring and trading their investments. What’s the typical frequency? 60% of clients hear from their asset managers 4 times a year or less and 47% of investors did not hear from their asset managers during the 2020 market crash (3).

Communication is critical to client retention

It is not an industry secret that communication skills are essential for successful financial advisors. When asked 63% of investors said that they would have more confidence in their current financial provider with more frequent communication from their advisor (4). It is not only the frequency that impacts their perceived value; 85% of the 650 respondents said that they would consider both the style and frequency of this communication when deciding to retain their services (4). So leveraging the detailed information you hold on your clients to provide personalization is key.

Source: How Advisors Can Better Communicate With Clients, Y Charts, 2019


Investors Are Willing to Pay More For Personalized Services

The EY Global Wealth research report found that globally 53% (5) of investors are willing to pay more for personalized services; this is especially important with millennials (80%) (5). Providing this kind of service requires you to regularly communicate to build rapport and set expectations. Understanding your client does not end after you have filled out a Know Your Client form; their risk tolerances change over time with both their financial and family situations. Regularly recording and reviewing personal details about your clients allows you to engage in more meaningful conversations with more clients, more often. When you have 360-degree visibility, it provides a more holistic approach to their financial planning.

Deepen client retention through frequency

Regular communication with investors helps to foster a better relationship between advisors and investors. These studies all indicate that frequency of communication with clients is correlated with client satisfaction and retention. The timing of these communications is paramount to these relationships. You can maintain trust and loyalty through this volatility when you monitor your clients’ accounts and reach out proactively. Having a centralized view of your customer communications, and automated reminders to contact before renewal dates, for example, make this process much easier to keep up.

Find out more about Maximizer’s CRM for Financial Advisors and how it helps advisors like you to improve client retention through consistent communication.


  1. Canadian Investor Survey,, 2021
  2. How Advisors Can Keep Their Millionaire Clients, Spectrum Group, 2014
  3. Financial Services Research Survey, Dalbar 2020
  4. How Advisors Can Better Communicate With Clients, Y Charts, 2019
  5. Canadian Wealth Management Services Study, E-Trade, 2020

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