Advisers respond: Client retention or acquisition?

clock • 1 min read

Partner Insight: Logic Wealth Planning's Stephen Trenholm and Greenstone Financial Planning's Catherine Greeves met in London recently to discuss the topic 'Adviser approaches to client engagement - is digital king?

Talking to Professional Adviser editor Julian Marr in the above video, the fourth of five in this series, Trenholm and Greeves discuss client retention versus client acquisition.

"We have a lot of legacy clients so retention is the most important thing to us but no company can survive without new clients. So we do have ways of generating new business through contacts, referrals and some paid-for leads," says Stephen Trenholm.

Catherine Greeves' business, however, was formed two and a half years ago so the focus has been more on the acquisition side of things.

"In the end many of the clients who we acquired were clients we worked with in a previous life. But you do still have to do the work to bring them on board and make sure they're happy because people just don't like change."

Professional connections

Trenholm adds: "For us, what's been important has been finding an area for both solicitors and accountants where there is a crossover. A big one we've been promoting with our professional contacts recently is a mediation service for people who are sadly getting divorced. Pensions can become a sticky subject in that scenario."

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