Should You Reconnect With Former Wealth Management Clients?

June 15, 2021

While engaging new clients is crucial for growing your wealth management practice, reconnecting with former clients also can help you build your book of business.

Former clients are a valuable source of future business and referrals. Though they may not need your services right now, that doesn’t mean they won’t need them later. You can position yourself to provide these services by laying the groundwork now. Here are some strategies for reconnecting.

Review Your Client List

First, evaluate your client list and identify and segment your prospects. You don’t need to connect with every former client, especially those who may not have been the right fit for your business or who moved on to another firm for valid reasons.

Focus on those with whom you had a good working relationship, former clients who often referred family and friends and those who had sizable assets to manage. Once you’ve narrowed your list, use it to guide your marketing and outreach efforts.

Retool Your Marketing

Before you even reconnect with former clients, you want to ensure you make the best “first” impression.

Though clients may already be familiar with your services, it doesn’t hurt to update your website and social media channels. Make sure each of these platforms has the most up-to-date information about your services.

At Farm Bureau, our Wealth Management Advisors are equipped with ongoing marketing support, including a personalized website that’s updated consistently with new content and social media posts that can be used to reach clients on LinkedIn.

Conduct Outreach

Once you’ve taken these steps, it’s time to reach out to former clients.

A personalized approach is best. You may want to start with an email template you personalize based on what you know about each client and how you previously worked together. For example, if a client just had their first child when you started working with them, you may want to mention this in your email and connect it to their future wealth planning needs, such as setting up a trust.

You also might consider sending direct mail with a personalized note. For some clients, a quick phone call may be a better option. If they pick up, don’t make a hard sell. Just say you’re calling to check in and see how they’re doing. The pandemic and subsequent economic uncertainty has caused more people to seek financial planning advice, so a former client may welcome your call.

Attract Clients With an Interesting Offer

You often have to give something of value to get something of value.

If you want to re-engage former clients, a free offer might help. To scale your outreach efforts, consider doing a free webinar or webinar series that offers clients timely financial advice, insight about potential changes to federal tax laws and potential savings and investing strategies based on current market conditions and trends. If you want to tailor your approach, consider offering a handful of free 30-minute virtual consultations for select clients. These should be your most high-value targets and those whom you believe will be most likely to re-engage your services.

The Value of Reconnecting

Reconnecting with former clients takes time, effort — and the right strategy. Clients may move on for various reasons, but it’s up to you to remind them why it’s valuable to work with an experienced wealth manager.