Hanging on to clients’ loved ones

Studies show that 80% of the widows and about two-thirds of the kids of clients who have died ditch their advisers.

Although every situation is different, this high attrition rate is largely because one person in the household often looks after most of the financial matters. Advisers may have mainly worked with this person only for convenience and unintentionally left out the other spouse and family members.

This is obviously a poor outcome for a variety of reasons, but high on the list is that losing these clients doesn’t help the practice in terms of succession planning, whether that means an eventual sale or passing the firm to another adviser.


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