News & Views

Archived content. For investment professionals only.

See how tax planning with pensions can help you increase your share of wallet with clients

8 Jul 2014

It's a well-known fact that it costs around five times as much to acquire new customers as it does to sell to existing ones. So why do many advisory businesses spend so much time and energy seeking new clients when their greatest opportunity is to maximise their existing client relationships?

You may have heard the phrase share of wallet, or in plain English, the level of financial engagement you have with your clients. You may feel that you are their primary source of advice and financial education but have you actually maximised your relationship with them and ensured they have consolidated their wealth under your guidance?

Or do they use other sources of financial advice?

The secret is to ensure you identify your most valuable clients and then understand their lifestyle and life stage requirements. You can then provide them with a service proposition that allows you to consolidate their assets. This will ensure that they remain loyal with the added bonus of helping you maximise profitability.

Also if referrals are key to your business then clients who trust you to look after their wealth and who realise you understand their needs are the greatest advocates for any business. They are more likely to recommend you to others who can be your clients of the future.

More and more businesses are using technology to increase their client share of wallet. This allows their clients to see the combined value of their savings, investments and retirement income in one place.

Aegon ARC is an excellent partner facilitating your ability to maximise your future engagement with clients. It allows your clients one home for a complete overview of their wealth and can save you and them time and money.

Not only does ARC provide a self invested personal pension (SIPP) but as we approach ISA season it can also allow you the opportunity to provide clients with options on:

  • Cash ISA
  • Stocks and shares ISA
  • A general investment account for those clients who have made the most of their tax efficient savings
  • Wealth management portfolio which is a medium to long term offshore investment offering tax efficient growth

What to do now?
The challenge for any business in any consolidation exercise is to understand the profile of their clients and their key drivers such as:

  • What are their financial goals and what matters most to them?
  • What other financial products and services do they purchase?
  • What is their activity pattern with you?
  • Why do they use you as their adviser?
  • What other sources of advice do they have and use?
  • What social media do they use?
  • What interests do they have?

The best way to get this information is by speaking to your clients now or building it into your review process.

So as you begin to plan your ISA season activity ask yourself a key question:

How do I increase my share of wallet with every client?

And remember Aegon ARC can help.

Watch the video here.

Email this article Print Share on Twitter Share on LinkedIn Share on Facebook Share on Google+
You must be logged in to record that you have read and understood this CPD Content. Login using the form below.


Not yet registered?

Please complete this form to join our community

Select your role:
Confirm Password

Visit the Aegon sponsor area

Read more Aegon articles and find out more about their Tools & Resources here..


CPD Library

Join the Panacea community

Join the Panacea community for free and recieve news, guides, whitepapers, event information, special offers and more!