Today we launch exclusive research to help Advisers understand how to attract and retain new customers. Acquisition of new customers and profitability are critical for practices and we hope this can offer part of the solution. In our early testing of the report, we got some feedback we wanted to address upfront, so here are some questions you may have had…
Are Millennials even profitable to service?
We know that writing risk is becoming an even more significant challenge on small cases (where the compliance requirements are the same as writing a large case) but what we highlight in this report is that Millennials are up to 40 years old, they are a large cohort that spans a wide-range of ages, and they may not be who you think they are. Additionally, as the dominant workforce, they are creating the expectations on which Advisers and their offerings will be compared. So, it’s worth getting across how they think and behave. We also believe there are opportunities to change the way some practices operate that will drive greater efficiency, thereby reducing operational costs (and increasing profitability), while also appealing to how this cohort prefers to engage with financial services.
Why has Integrity done this research?
We believe that our role in the industry is bigger than just providing products. We believe we have a role in supporting a sustainable industry, in educating clients and Advisers and supporting them personally and in business. This report was commissioned by us because we identified a challenge brought on by COVID-19. As lockdowns happened across the country Advisers found themselves overservicing existing clients while struggling to acquire new ones. We wanted to support new acquisition as a means to help support their businesses.
What do we do next?
We have a range of ideas and solutions, as well as system features, we have already built to support the strategies and ideas outlined in this research. So, when you’re ready to have a chat, so are we. Download the research paper here.