Legal & General has found that 90% of brokers believe that client retention is a key focus for their business, with 23% seeing it as their biggest business challenge.
When subsequently asked what could make their business lives more productive, in order to help boost client retention, 47% of brokers would like an easier and faster application process. A further 35% of brokers say they would like providers to give them more marketing materials to further assist with retention.
Legal & General’s research shows that 45% of brokers feel that generating new business and staying compliant are the most common business challenges they face. In contrast, only 11% of brokers say that finding and training new staff is a problem.
Steve Bryan, director of intermediary at Legal & General, said: “Client retention is essential for the stability and security of every broker’s business. With this in mind, it is interesting to see that nearly a quarter of brokers surveyed revealed that client retention is their biggest business challenge. In order to address this issue, brokers must be proactive and constantly refer to their back book of clients to ensure the longevity and success of their business.
“At Legal & General, we recognise the exceptional standard of customer service that advisers provide with our annual Business Quality Awards. By celebrating the exceptional standards and achievements of our winners, we hope to encourage the industry to continue to provide excellent service in the future, which will in turn boost their client retention figures.
“We are currently in the judging process for this year’s winners and are looking forward to revealing them in the New Year.”
