"Holistic" Service Offering Key To Client Retention And Referrals

Thursday, February 23, 2012 11:46

Tags: account aggregation

Advisors who stick to their comfort zones are more likely to lose clients who want broader expertise -- and maybe half of the investors who aren't getting 360-degree service are on the move.

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According to a recent survey of investors conducted by account aggregation firm ByAllAccounts and Paladin Registry, 46% of the people who aren't getting "holistic" service are thinking hard about finding a new advisor this year.


On the other hand, 54% of those who are getting that kind of full-spectrum advice are perfectly content with their advisor: zero percent chance of moving.


ByAllAccounts defines "holistic" as incorporating data from all of the family's accounts, even those not directly managed or overseen by the advisor.


Naturally, any client is going to want the best and broadest service available, especially if it's linked in their minds to a positive buzzword like "comprehensive," "all-encompassing," or "holistic."


Who wants service that advertises itself as "limited" or "narrow?"


Still, stripping away the marketing term reveals that clients really do seem to appreciate advisors who can actively monitorretirement accounts, trusts, and other held-away wealth.


And one detail ByAllAccounts tells me: those clients are not only more eager to refer such an advisor to their friends, but they're happy to pay extra to compensate the advisor for keeping an eye on these assets.

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