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Insights | December 17, 2021

Retention, referrals, growth—where do you start?

When you think about what you want for your practice, whether it’s AUM growth or client retention, it’s not likely to come from a few marketing tricks or a magic formula. 

Every fruitful practice development strategy in this industry begins with intention, and that intention will be different for each advisor. Here’s an example: 

“Our intention is to be the go-to team for any multigenerational family looking to build a legacy.” 

If you start with a vision for what your practice should be, you can make every subsequent decision in service of that vision:

  • Is my service offering generic, or does it reflect the needs of multigenerational families? 
  • Is my client process the same as everyone else’s, or is it a repeatable set of steps that helps families define and build their legacies? 
  • Am I seeking leads from a general audience, or am I making my services visible to families who would find it relevant? 
  • Do all my current clients know that I’m a specialist? 
  • If someone were to seek out my practice, would they come to the conclusion (before meeting with me) that I build legacies for multigenerational families?

And as you get closer to the vision you began with, you also get closer to the results you’re aiming for:

  • Retention (Clients stay because no one else does what you do.)
  • Referrals (Your service gets talked about because it’s remarkable.)
  • Growth (Opportunities flow continuously because of the channels you’ve carved out.)

So as you look to 2022, set your objectives with intention and pursue them with a clear vision.

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