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MDRT Annual Meeting 2017

Top Tips on How to Segment Your Database and Keep the Clients You Want

Respected risk-focussed WA adviser, Mark Rando, has shared his top tips with his peers on determining which clients an advice business should focus on retaining and how they can achieve it.

Speaking at a ConneXion Zone presentation at this year’s MDRT Annual Meeting in Orlando, Rando asked his audience to reflect on the clients they genuinely like and those they don’t. He asked them to question what had led them to this view, which gave context to his broader message about effective client retention.

Rando challenged his audience to articulate the benefits of retaining a client. Examples included:

  • They promote the brand
  • Consistent revenue
  • It’s cheaper to maintain an existing client than to secure a new client
  • You know who you’re dealing with
  • Assists in better planning and known cashflow

Rando outlined five critical questions any adviser could consider in relation to their client, which can assist in determining the value of that client to the business:

  1.  What is their income to the business
  2. Are they a likely referral source
  3. Do they appreciate what we do for them
  4. What is their potential for growth
  5. Do we like them

With each question scoring on a scale from one to ten, Rando said this exercise can deliver an excellent segmentation of clients based on their value to the business, including whether the adviser actually enjoys engaging with them.

In terms of retention strategies, Rando outlined some of his own ideas that he has put into practice, including:

  • Retaining clients on a contract basis, which outlines the client service proposition
  • Implementation of a ‘client touch program’ – a mix of social and business development opportunities for valuable clients
  • Possible provision of complementary services such as subsidising the cost of a personal trainer or assistance in planning holidays
Mark Rando shares the value of his experience with advisers from around the world at the 2017 MDRT Annual Meeting

Mark Rando shares the value of his experience with advisers from around the world at the 2017 MDRT Annual Meeting