New product launched to improve planner client retention


A new service has launched to help financial planners keep better track of changes in their clients’ financial situations, by alerting them via SMS when they list property for sale.
Planners on the ActiveLead service could then contact those clients to arrange a new financial plan, as their financial situation either is or would change with the house sale.
Eric Handbury, director of ActiveLead.net said that the product would assist planners offer more active advice to clients, which was important as the top reasons clients leave their planners usually relate to a lack of proactive communication.
Handbury said that if a planner has 1,000 clients and the average householder sells their property every ten years, then that planner would get on average an ActiveLead notification every four days. This could result in a new source of active communication every week.
He also pointed to Investment Trends data showing that financial planners are losing clients at a greater pace than they acquire them, suggesting that planners need to do more to retain clientele.
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.