Having a plan for, and capturing, a larger share of wallet is a great way to grow your business. After the initial close, it becomes much more difficult to recapture the client’s missed assets. One of the biggest reasons advisors fail to gain more share of wallet is because they simply stop communicating and engaging with their clients on a regular basis.

According to a recent Pershing study, the average Wallet Share per Client for RIA’s is approximately 60%.

Creating and executing a strategy to garner more business from existing clients is no doubt time consuming. However, generating more assets from people who already know and trust you is a great path to increase your overall revenue. Since organic growth can come from either new or existing clients, it seems that investing in a strategy to grow wallet share among existing clients should be a priority. This could be one of the most efficient ways to grow your revenue.

As a financial support and marketing services company designed to serve the independent financial advisor, we’ll help you to write more business from your existing client-base. Our vision to build sustainable revenue streams and a business that’s your retirement plan is what makes Lone Beacon Media, different from everyone else.