Tim Sargisson: The difference between advice firms that grow and those that don't is customer retention

Clearly the message of keeping in touch with clients is still to get through to some advisers in our profession. Research consultancy Boring Money polled 316 of its readers in April and found one-in-four clients have not heard from their financial adviser during the virus crisis. Keeping in touch with clients is critical to your success as a trusted adviser. According to Marketing Metrics, the success rate of selling to an existing customer is 60-70%, while the success rate of selling to a new customer is only 5-20%. Plus, the 80:20 rule tells us that 20% of your clients will be loyal an...