3 ways your financial business can increase customer retention

3 ways your financial business can increase customer retention

3 ways your financial business can increase customer retention

This year, financial experts are in great demand. According to a survey conducted in April 2020, 49% of American adults said that the pandemic made them realize that they need help to manage their finances. National FinanceMore importantly, one in four people is seeking help from a financial adviser for the first time.

Many people need help assessing their investment portfolios and retirement funds, and many small businesses are seeking guidance on how to assess them cut the expenses, Improve cash flow, or apply Emergency fund. Therefore, many financial services companies-including Accounting firm, CFP and CFO consultants-this year there is an influx of new clients. However, not every company will retain these customers. Improve your service and Reduce customer churn, You may need to change your approach. Consider the following three strategies:

1. Simplify your workflow

Simplifying your workflow allows you more time to focus on your customers.

“Take an inventory of your processes and see if you can delegate or automate anything,” said Christina Sjahli, a certified public accountant and owner. Christina Sjahli Consulting Company. Sjahli recommends Cash flow forecast Software can help save time and eliminate manual calculation errors.

She also delegates cumbersome tasks. “I look for duplication. If I delegate repeatable tasks to bookkeepers, I can focus on analyzing and communicating the story behind the company’s financial data.”

READ MORE:  How medical practice improves patient care

If you don’t have a team you can delegate to, please consider outsourcing. “Hire a marketing company instead of learning to create one Marketing Plan,” said Tremaine Wills, investment consultant and owner. money above all“Whenever possible, save yourself time by doing what you do best, and then pay others to do the rest.”

2. Improve your communication

One way to improve customer satisfaction is to become a skilled and understanding communicator. “Communication will make or break your business,” Wells said.

In fact, 54% of the financial professionals surveyed 2020 Natixis Global Financial Professional Survey It is said that frequent customer communication is the primary factor for success. When asked why their past customers left, 60% of respondents said it was because they did not listen to their customers’ needs.

Wells said that every customer has different needs and preferences, so it’s best to ask how often they want to hear from you, whether it’s weekly, monthly or quarterly.

Sjahli likes to update her business customers every week. She will review the key points of the discussion throughout the week; check the progress of the milestones; discuss the next steps and goals; and ask her customers what type of support they need in the coming week.

In every call, email, or Zoom meeting with the customer, focus on listening, asking follow-up questions, and speaking in a helpful and compassionate tone.

Wells said, try to play the role of a teacher; this means over explaining difficult topics and assuming that your client doesn’t understand everything. Especially now, “Our customers need to ensure that their plans are reasonable, and we will guide them through these difficult times,” she said.

READ MORE:  What Is Cellular App Growth?

3. Provide services and solutions to resolve customer fears

To improve your service, you must first figure out what your customers need. Before you dive into their taxes or make plans for their investments, take the time to sit down and discuss your client’s goals and fears.

Sjahli said that many of her business clients tried Bridge their cash flow gap and Transfer money To their most profitable service or product.However, others are worried about raising funds or Growth plan During the recession.

As for her clients, Wells said: “Many millennials are struggling to accumulate wealth due to student loan debt. My parents and clients worry that their children may face the same financial obstacles they face in early adulthood. “

Once you understand the issues that your customers care about most, you can begin to develop a plan or solution to help resolve and alleviate their fears.Depending on your business services and customers, this may mean providing your customers with different investment options every month, introducing them to business bookkeeping software, or generating personalized Weekly budget plan.

Sjahli said that another tool to help customers deal with difficulties is to conduct scenario analysis. In this way, “when an accident occurs, customers can take the initiative rather than react reactively.”


Working harder for your customers can reduce customer churn and increase Referrals. Think about what you can offer your customers in addition to personalized service. Maybe you can provide on-demand help and guidance, such as weekly one-to-one check-ins, or free access to budgeting or forecasting software.

READ MORE:  FileHold Categorical Evaluation

If you need financial help to hire additional staff or invest in new Technology, Consider applying Fundbox credit limit.

News related