Retaining and gaining new clients requires financial advisors to focus on meeting clients’ service expectations and more. 

For the most part women investors remain largely underserved, despite controlling a large amount of global wealth. They represent a huge opportunity for wealth managers who approach them the right way.

While it may be hard to imagine earning $100 million and then having to file for bankruptcy, it happens more frequently than it should, particularly for the suddenly wealthy. Wealth advisors have an opportunity to help this vulnerable group.

The lifetime value of a client is much greater than the fees earned on any particular portfolio given that a satisfied client can dramatically help increase business through personal referrals. A 2014 study by Scorpio Partnership found “that advocacy will be an increasingly important driver of future business growth in wealth management.”

It has always been important for asset managers to carefully vet their clients and meet customer due diligence requirements. It is good business to select the right clients; those who fall within an asset manager’s target market criteria and agree with the advisor’s investment philosophy.