Aug 14, 2023
Client attrition can be devastating to your goal of achieving the eight-figure exit. We work hard to acquire each client and it can feel deeply personal when they decide to leave. But what causes clients to leave an RIA?
In
this episode, I look at the top reasons clients leave their
advisors. By understanding why clients leave, you can take
proactive measures to ensure that your book of business continues
to grow and thrive, driving your toward the eight-figure
exit.
This week on The Financially Simple Podcast:
(3:51) From the business owner's seat
(5:16) Loyal customers are more likely to refer
(6:05) Why do clients leave their RIA?
(7:21) Fixing the communication issues in your firm
(9:35) Perception of value
(10:46) Aligning the value proposition
(13:53) Lagging technology
(16:14) Poor chemistry
(22:24) Shifting methodology
Our Favorite Quotes:
"Our younger generations are the generations that will often move
the average age range of our book which causes our multiple to
increase." - Justin Goodbread
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the
challenges and puzzles of running a business, you’ve come to the
right place. The Financially Simple podcast was built for you. With
over 400 episodes and counting, our host Justin Goodbread covers a
broad range of topics, from starting a small business, to prepping
it for sale, to growing your personal wealth. Justin’s combination
of analytical skills, tough love, and a healthy dose of experience
delivers practical ideas that will benefit business builders at
every stage of their business journey.
If you have questions, or comments for Justin, submit those at:
https://financiallysimple.com/ask-justin/
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Financially Simple is a division of WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.