Brett Van Bortel of Invesco Consulting - Enhancing Top Client Retention

Oct 25, 2022

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There is nothing more frustrating for an advisor than losing a client. It's even more difficult when high-net-worth clients leave. High-net-worth clients are an important segment for any financial advisor. Not only do they bring in more revenue, but they also refer other high-net-worth individuals to the firm. What can advisors do to ensure they don't lose their best clients?

In this episode, Rusty and Robyn talk with Brett Van Bortel, Director of Consulting Services at Invesco Consulting. Brett has developed and delivered numerous consulting programs to increase financial professionals' profitability, effectiveness, and productivity. At Invesco Consulting, Brett develops and delivers business development models to assist advisors in distributing investment management products.

As a consultant, Brett talks with Rusty and Robyn about some tips and tricks for maintaining client relationships, why high-net-worth clients leave their advisors, and what advisors can do to prevent losing top clients.

Key Takeaways

[02:42] - What led Brett to a career in consulting services.
[03:48] - The key role Brett plays at Invesco.
[04:58] - How The Golden Hour program got its name.
[06:37] - How The Golden Hour applies to business and practice.
[07:33] - Why Invesco conducts its own research.
[10:55] - Why high-net-worth clients leave their advisors.
[14:22] - How Brett solves the problem of clients leaving their advisors.
[16:51] - What advisors can do to avoid losing top clients.
[19:05] - How much communication is needed to protect client relationships.
[22:12] - The findings of a dial session study on advisor-client communication.
[24:14] - A proactive communication strategy to build stronger client relationships.
[28:16] - How advisors can implement relationship equity conversations.
[33:29] - Brett's personal investment strategy.
[34:27] - How Brett keeps his mental and physical health to perform at his best.
[36:03] - The book Brett recommends reading.

Quotes

[05:31] - "What we saw in our research was a ticking time bomb inside the majority of advisors' practices. A significant number of top clients began to look for the exit sign from an advisor's practice." ~ Brett Van Bortel

[06:45] - "Getting high-net-worth clients, typically the top clients for any advisor, is one of the greatest challenges. And there are a lot of programs out there on new client acquisition, but no one was looking at the other side of the coin of new client acquisition, which is top client retention. They're on a treadmill running fast but not getting anywhere." ~ Brett Van Bortel

[11:21] - "The vast majority of top clients weren't leaving because of performance. They were leaving because of something to do with a breakdown in the relationship and communication with their advisor." ~ Brett Van Bortel

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