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MDRT INSIGHTS

Four Ways to Attain Client Loyalty

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The financial services business is built on integrity, personal relationships and perseverance. It is one of the greatest industries to be in, and it allows you to build something for yourself and your clients. If you act in your clients’ best interests and stay true to their unique financial profiles, you can attract loyal and long-term clients. I encourage you to follow these tips to help lead the way to achieving and sustaining success.

1) Conduct Public Seminars

One thing that has helped our office generate clients over the years is offering public seminars. For more than 35 years, we have conducted lunch-and-learn seminars as well as evening seminars. This is an efficient method to get in front of prospects in a cost-effective way.

The seminars I present are for people who want some type of guarantee behind their retirement accounts. I try to appeal to people who are risk-averse and don’t want to gamble in picking stocks and mutual funds. Offering public seminars has helped build our client base to around 750 clients, with roughly $250 million under management, and almost all of it is in annuities. Public seminars coupled with good service can attract your ideal clients and ultimately increase your bottom line.

2) Show Client Appreciation

Client appreciation is essential to client retention in any business. In my office, we have a multitude of activities to show our clients we value their loyalty. Client activities are a meaningful way to help strengthen and build relationships. We take groups of clients to sporting events and on boat rides. We also hold a Monte Carlo night to raise money for charity. Another special thing we do is send out a copy of Guideposts, which is a monthly Christian magazine filled with positive stories. We send it to any of our clients who want it. This helps keep our name in front of our clients with something positive that they enjoy.

3) Have a Great Team Beside You

I’ve learned over the years that having a strong team in place is fundamental for success. My team is the key to my successful practice. I’ve always had a larger staff than most financial advisors have, but that’s because I want to give clients tremendous service. I have a full-time staff of about 10 people, and two of them are licensed professionals. Our clients are very relationship-oriented and like to know about our family. We work hard to share our lives with them to create a bond, instead of talking about performance and rate of return for investments. If you take time to get to know your clients, give them great service and treat them right, they’re going to stay with you.

4) Join a Financial Association

It’s important to join a professional organization because of the incredible amount of information and knowledge they provide. I’ve built fantastic relationships with other MDRT members and developed a study group that was formed by members I met at meetings. The insight members share is immeasurable. Joining an organization that brings you into contact with other top-tier advisors is critical to your continued success.
As I am a longtime financial advisor, these simple tips have been critical to improving my client retention, attracting new clients and ultimately improving my bottom line. Clients not only invest their money, but also invest in us. It’s important to deliver exceptional results tailored to each client’s needs and objectives. In my practice, we provide these results with financial solutions, quality investments, creative ideas, guidance and unsurpassed customer service to give clients a unique experience.

Donald P. Speakman, MSFS, CLU, ChFC, CFS, CFP, CRPC, AAMS CMFC, from Pittsburgh, is a 32-year MDRT member with 26 Top of the Table qualifications. At Speakman Financial Group he specializes in retirement planning, with expertise in creating programs for l [email protected].


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