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Client retention key to growing a book: report

first_img Keywords Client retention Reaching that high retention level, however, can prove a difficult for advisors particularly when working with new clients. For example, the report shows that in the first year of a client relationship the probability of retention is 95%. That number drops to 74% by the end of four years. “The advisor client relationship is not unlike any other human relationship,” says Patrick Kennedy, vice president, products and services at PriceMetrix and author of the report. As in a marriage, an advisor-client relationship is likely to have a seven-year itch, says Kennedy, although in this case it is more like a four-year itch. As such, advisors need to remember that even though a client signs on the dotted line they likely have not fully decided whether or not the business model is right for them. Says Kennedy: “You’re still in a sort of evaluation period.” During this probationary period, Kennedy says advisors shouldn’t try to add more services to woo clients but instead should be clear about the regular services offered. In terms of identifying loyal clientele, the report identifies older, high net worth clients with a hybrid fee model as the most steadfast individuals. According to PriceMetrix, the retention rate for clients with a hybrid account structure – consisting of transactional and fee-based accounts – is 95% whereas strictly fee-based models have a 91% rate and advisors running a transactional business have a retention rate of 89%. Hybrid accounts likely have a higher retention rates because as it requires opening multiple accounts with one advisor, says Kennedy, and therefore fosters a deeper client-advisor relationship. Furthermore, clients using these types of fee structures tend to be higher net worth individuals who generally remain with the same advisor. For example, the retention rate of households of $100,000 or less is 87%, according to the report, at $500,000 the retention level moves up to 94% and at $1 million retention sits at 95%. As well, advisors with a large number of small households will find it difficult to hold onto their higher net worth clients. According to report results, advisors have a retention rate of 97% of high net worth individuals if clients with less than $250,000 make up 20% of an advisors book of business. Conversely, when small households make up 80% of an advisors business the retention rate of high net worth clients is 94%. Next: Find success by focusing on a particular market segment @[email protected] Find success by focusing on a particular market segment These statistics emphasizes the importance of focusing on a niche, says Kennedy. “Like any other business,” he says, “we find that advisors are more successful when they demonstrate that they are focusing on a particular market segment.” Younger clients are also more likely to search for a new advisor or to try and do their own investing compared to older investors, according to PriceMetrix. Results show that there is an 82% probability of a 30-year-old client remaining with his or her current advisor. That chance jumps to 87% for 40 year olds and 90% for clients who are 50 years of age. “[Younger individuals are] willing to try the full advice model,” says Kennedy, “but in addition to discount brokerages, we’re seeing more Internet-based, robo-advice services and I would expect younger investors are a little bit more open to models like that.” The report was generated from PriceMetrix’s database consisting of 7 million retail investors, 500 million transactions and almost 40,000 financial advisors in brokerages. Client retention is lucrative for an advisor’s business but is easier said than done depending on the make-up of a book of business, according to a new report released by Toronto-based PriceMetrix Inc. on Monday. The report, Stay or Stray: Putting Some Numbers Behind Client Retention, found that advisors with a client retention rate of 95% increased their total assets under management (AUM) by 25% between 2010 and 2013, while businesses with an 80% retention rate saw only a 12% increase in AUM. IAFP Symposium: Prompt a discussion on life goals Clients expect more from wealth management firms: PwC Fiona Collie center_img Related news Share this article and your comments with peers on social media Facebook LinkedIn Twitterlast_img read more

Inclusion Week spurs Stagecoach campaign

first_imgStagecoach will be delivering a programme of activities to promote inclusion and diversity as part of National Inclusion Week (24-30 September).The campaign week marks the first of a four-week series of events across Stagecoach as the Group launches its ‘Getting There Together’ initiative placing emphasis on such things as customer service, safety and wellbeing.During National Inclusion Week, Stagecoach will provide information to bus and rail employees, reminding staff of the importance of keeping an open, welcoming and inclusive working environment for all, and will be supporting a range of activities to help local companies embrace the campaign, including material provided by Inclusive Employers such as daily challenges, quizzes, posters, blogs and webinars.Local businesses within Stagecoach will also hold drop-in sessions, talks and workshops for staff during the week.There will be employee breakfast get-togethers in some areas, along with staff activities to share different cultures. Some local teams will work with charities to help gain a further understanding of the needs of different user groups and how they can be assisted.A training bus at Stagecoach London has also been wrapped to highlight the Group’s inclusive approach to recruitment and to promote career opportunities. Stagecoach London has also produced a staff video highlighting what diversity and inclusion means to them.At Supertram, customers will be invited to participate in mindfulness activities during the week and is joining forces with bus colleagues from the East Midlands and Yorkshire for a family drop-in session on board Hattie the community bus in Sheffield.Stagecoach believes that inclusion is about making sure that everyone feels valued, respected, listened to and able to challenge and to contribute to the business. It’s about recognising and valuing the differences each person brings to the workplace and creating an environment where everyone has access to opportunities and resources and can contribute to the success of the business.Stagecoach Group Director of Pensions and Employee Benefits, John Hamilton said: “As an inclusive employer we strive to create a work place that is accepting and welcoming of people from all walks of life.“Our transport services help drive social inclusion by enabling millions of people from every walk of life to access work, leisure, health and education facilities and also playing a vital role within local communities.“We’re delighted to be part of National Inclusion Week again this year and will continue working as a team to support each other, and celebrate our differences within a positive, welcoming and progressive working environment.”last_img read more

Expro to open Tananger base in 2015 (Norway)

first_imgInternational oilfield services company, Expro, plans to open a major new base in Tananger, Norway in summer 2015.The 19,000 sqm facility will consolidate the company’s three current Stavanger area locations and house Expro’s Well Testing and Drill Stem Testing product lines currently operating in the Norwegian Continental Shelf.The base will consist of an office building equipped for 100 staff, yard (5000 sqm) and workshop (10,600 sqm). The new workshop will have the facility to rig-up four well test packages, and service a further six, simultaneously.The company currently has over 250 staff based in Norway and operating offshore. The new facility will complement its other Norwegian offices in Bergen and Haugesund.Keith Palmer, Europe CIS Region Director, comments: “Expro is fully committed to maintaining its position as the market-leading well test company in Norway.“We continue to see our business in Norway expand and as such have outgrown our existing facilities. In addition to the commitment to a new facility, Expro has invested over $10m in capital expenditure for new equipment in Norway to service well test projects over the past two years.“The design of our new base will allow us to efficiently manage and maintain our equipment whilst providing clients with specialised staff and industry-leading service delivery. Furthermore, the workshop and pressure testing facilities at the new base have been fully designed to ensure the highest health, safety and environmental standards.”Expro will be exhibiting at Offshore Northern Seas (ONS) in Stavanger, Norway on Stand 251, Hall B from 25-28 August 2014.In combination with its Well Flow Management Academy ‘Well Test Live’ demonstrations, Expro will feature a range of product lines including Well Testing and Commissioning, Subsea, Meters, PowerChokes®, Wireless Well Solutions, DST/TCP and SafeWells well integrity software. [mappress]Press Release, August 25, 2014last_img read more

Dominica could establish an ICT centre for excellence

first_img Share 14 Views   no discussions Sharing is caring! LocalNews Dominica could establish an ICT centre for excellence by: – April 29, 2014 Sharecenter_img Share Tweet Dominica has been given a commitment for the establishment of an Information Communication Technology centre for excellence here.High Commissioner designate of India to Dominica Guari Shankar Gupta gave that commitment while presenting his letter of credence to President Charles Savarin at the State House on Monday, April 28, 2014.Commissioner Gupta also announced that the services of an agro processing expert and facilitation of solar lightning will also be provided as part of the relationship between the two countries.“The government of India has agreed, in principle, to provide services of an agro processing expert to set up an IT center for excellence and to facilitate solar street lighting and community development, as soon as those proposals are approved by the government the high commission will take necessary steps for the formal implementation,” he said.Commissioner Gupta noted that there are several other areas of development that both countries can explore such as ICT, Education, Agro processing industries, renewable energy, pharmaceutical industry, Eco-tourism.President Charles Savarin (right) and High Commissioner of India Gauri Shankar GuptaMeanwhile, President of Dominica Charles Savarin noted that Dominica has benefited significantly from its technical and economic cooperation program with India, particularly in the fields of education and training.“I recognize the potential of the program as an effective means of complementing our national growth effort and wish to take this opportunity to express the appreciation of the government and people of Dominica for the assistance extended to this country”.President Savarin also took the opportunity to thank the government of India for its humanitarian assistance after damages suffered by two recent storms.“I further wish on behalf of the government and people of Dominica to express gratitude to your government for the humanitarian assistance recently given in the wake of damages caused by flash floods in Dominica in December of 2013, as well as assistance to help with the recovery effort following the passage of Hurricane Ophelia in December of 2011,” he said.During his three day visit here, the High Commissioner will also pay courtesy calls on government officials including Minister of State in the Ministry of Foreign Affairs, Alvin Bernard to discuss issues of bilateral concern, Minister of Health, Julius Timothy; Minister of Agriculture, Matthew Walter and Parliamentary Secretary in the Prime Minister’s Office responsible for Information Technology Kelvar Darroux.Dominica Vibes Newslast_img read more