Whether you’re looking to expand your client bank or just maintain it, attracting new clients will form a key element of your strategy. Recommendations from existing clients are your most cost-effective source of leads, but whatever the source of your prospective client, make the most of the opportunity maximising your conversion rate.
Here are 3 simple steps you can take to convert more prospects using client feedback.
1. Use client reviews to build trust
More than ever, clients are taking time to research advisers before deciding who to entrust their financial future to. A Lang Cat study showed that in 2021 23% of clients completed their own research before selecting an adviser. In 2023, that number had risen to 31%.
Make sure your prospective clients have read your reviews, to establish trust even before your initial meeting.
“Most clients have checked my profile before calling me,” says Roshan Vitharanage, Director of BVS Mortgages, “that gives them the confidence to reach out”.
Share your reviews on your website and social media, and link to them from your email signature.
“When I get a new client enquiry, I send them my VouchedFor profile via WhatsApp”, says Jack Noott, Mortgage & Protection Adviser at Meriden Financial Planning.
2. Collect feedback from prospective clients
Only 23% of advisers ask prospective clients for feedback, but it’s a great way to find out how you come across in your first engagement with clients.
Chartered Financial Planner, Kris Amliwala, says “potential client feedback can be more impactful (than reviews from existing clients) – it helps me refine my initial welcome processes to make sure I’m offering a valuable service to the friend or client.”
It can be a fine line between a successful and unsuccessful meeting with a prospective client. Data from Elevation, our enhanced client survey, shows that 14% of those who leave a 4-star first impressions review go on to become clients; this jumps to 53% for those who leave a 5-star review.
3. Use more than one platform to collect feedback
Many advisers ask if it’s better to collect reviews on Google or VouchedFor. The answer is that both have a role to play, as clients look for multiple sources of credibility.
Nick Spolton, Director of Spolton Mortgages, says “most clients will check multiple touch-points: Google reviews, social media, our website, VouchedFor”.
Google reviews are the first thing a client sees when searching the web. They might help them click through to your website, but they are at a firm level, and are not industry specific.
VouchedFor reviews are easier to collect and focus on you as the adviser. They also include additional insights for potential new clients and act as that second social proof point, influencing potential clients’ decisions.
Most clients are happy to provide a review on more than one platform, so help them understand the role each platform plays. Remember to give your client the web links to make it easy for them to leave their reviews.
