Have you ever lost a client you wanted to keep?
Here’s a low-key way to try to bring them back. Simply send this note:
Dear (PERSONAL SALUTATION),
Recently, my team and I hired a consultant to help us revisit our client service model. We decided to make some very significant changes.
First, we have decreased the number of clients we serve. We now have a concierge-sized practice and work with fewer than 100 clients.
Second, our new client communication standard is best described as 12/4/2. Each of our clients will receive a minimum of one call per month; 4 will be quarterly reviews and two of the reviews will be in-person.
Third, a rapid-response service team will return every call within one hour and work to resolve any issues within 24 hours.
Fourth, our practice is now planning-based. Each client receives a comprehensive, multi-generational financial plan along with a proactive investment management process that follows a prescribed risk and performance assessment.
Finally, we have found that we work best with those who have a minimum of $1,000,000 (REPLACE WITH YOUR MINIMUM) in investable assets. Clients like you can take maximum advantage of our commitment to the highest standards of service and advice.
As you can tell, we are committed to being the best at what we do. If we can help you in any way, please do not hesitate to call. You were an important relationship and we would be pleased to welcome you back to (OUR FIRM).
Sincerely,
(SIGN BY HAND)
A letter like this is very professional…it’s an open invitation to come back. Perhaps it helps a lost client realize they aren’t getting what they were promised when they moved their relationship to another advisor.
There are a number of reasons clients leave (some good and some bad) and we often let them go without even a call. That is a mistake that confirms the client’s suspicion that they never were important.
Of course, there are clients we are glad to lose and segment away, but not everyone who leaves us is happy to have done so. This type of letter ought to be tried at least one time for accounts and households we really want to rescue. Supernova can be of significant help in redefining your already successful practice to clients who may have misunderstood your service promise.