How many services do you offer your clients? If you’re an insurance-only agent, you may be offering annuities, life insurance, Medicare, and maybe even personal or commercial lines of insurance.
As a dual-licensed advisor, maybe you’re offering the insurance services as well as retirement planning, investment planning, investment management, and others.
Some agents/advisors offer tax planning and estate planning through a relationship that they have.
Why am I asking these questions?
I believe the more services your clients receive from you, the “stickier” they become. It’s hard and costly to get new clients. So, when you have a new client, you need to do everything you can to keep them sticky, so they don’t leave.
Consider the services you currently offer and then consider the services you can add to it. Make sure these services all tie together to solve the needs of your clients.
A “sticky metric” I like to use is a number that represents how many services on average our clients have from us.
Let’s pretend you offer the following services:
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- Investment management
- Tax planning
- Annuities
- Life insurance
- Estate planning
- Alternative investments
That is six services. Now, calculate how many of these services on average do your clients pay you for. Let’s assume the number is 1.2. Meaning, on average, your clients subscribe to 1.2 of your 6 services. As you set your goals for the year, consider a goal to increase this number. Try going from 1.2 to 1.5.
THE BOTTOM LINE:
By increasing the number of services your clients pay you for, it makes it harder for them to leave. Make your clients stickier by offering more services and measuring your “sticky metric”.