Build a Moat around Your Clients
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
Let’s say there are major changes with your custodian or broker dealer such as the Schwabitrade mega-merger in the works today.
What if your partner or one of your key team members leaves?
What if you experience a major health issue or you are forced to take some time off to deal with a family matter?
What if you want to make a significant change in your service model, raise your prices, or leave your current broker-dealer?
These changes are inevitable for the average practice.
The practice that withstands these changes has a loyal client base.
Think of it as building a moat that redirects your clients back to you.
Some will still go around the moat and leave, but the right influence will turn most clients around and bring them back.
How do you build a moat around your client base?