Note: This article is courtesy of Iris.xyz
By Mark V. Petersen
You’ve heard the numbers: it costs 4 to 10 times more to acquire a new client than to retain an existing one. It’s why smart companies focus the bulk of their marketing and development efforts on current clients, and for companies like Starbucks, it’s been a strategy paved in gold.
But what about advisors? It’s an entirely different challenge when your existing clients are retirees in their late 70s, 80s, and even older. In this case, even the most brilliant marketing strategy won’t matter if client retention is the goal. This demographic is going to dwindle. Period.
So what’s the answer? How can you continue to grow your practice—without taking on 10 times the marketing cost? Take a cue from Starbucks and focus your efforts on today’s biggest demographic: the aging Millennial.