How do you hang on to a less affluent client? It seems that offering extra services may be vital
It used to be the case that extra services were only offered to the wealthiest clients. However, now a new survey suggests that offering these bonuses to the less affluent could be the key to keeping their business.
New data from Cerulli Associates suggests that sending a birthday card to your client is no longer the best way to show you care – and that almost 20 per cent of the companies it surveyed were now offering additional concierge services.
Among the line-up of tempting extras were: help with travel and medical arrangements; assistance with the negotiation of car and home prices; guidance through the process of setting up a new business; and even coaching of the client’s children.
The results of the survey suggest that these added extras help to justify the advisors’ fees and often help to establish them in niche markets: which can be a good way to bring in new business. Indeed offering assistance to the clients’ offspring – perhaps through career preparation or mentoring – can even help to secure their business in the future.
However, don’t fall into the trap of thinking that you can charge higher fees for these additional services. The survey also shows that many clients will run to low-cost alternatives if that’s the case.
New data from Cerulli Associates suggests that sending a birthday card to your client is no longer the best way to show you care – and that almost 20 per cent of the companies it surveyed were now offering additional concierge services.
Among the line-up of tempting extras were: help with travel and medical arrangements; assistance with the negotiation of car and home prices; guidance through the process of setting up a new business; and even coaching of the client’s children.
The results of the survey suggest that these added extras help to justify the advisors’ fees and often help to establish them in niche markets: which can be a good way to bring in new business. Indeed offering assistance to the clients’ offspring – perhaps through career preparation or mentoring – can even help to secure their business in the future.
However, don’t fall into the trap of thinking that you can charge higher fees for these additional services. The survey also shows that many clients will run to low-cost alternatives if that’s the case.
