
Client Acquisition and Retention: Optimizing the Advisor’s Toolbox
The American psychologist Abraham Maslow… recognized that humans have a cognitive bias that predisposes us to an over-reliance on a familiar tool. We see this predisposition across many professions, from surgeons to computer programmers and, yes, even with psychiatrists. As it relates to financial advisors and their efforts around client acquisition and retention, the tools available to them are familiar ones, e.g., e-mails, seminars, social media, etc. Yet, like the hammer, these tools may be used more out of habit or convenience, without regard to whether the opportunity in front of them is a nail or a screw. In...
Read More