Are you struggling to serve legacy clients economically? Read this

By AdviceBridge

Increasing regulation and the complexity of financial planning means serving legacy clients economically is a struggle for many financial planners and advisers.

However, as research shows, finding a way to meet the needs of smaller, legacy clients is an easy route to boosting your firm’s revenues.

The challenge is how to meet their needs in an economically viable manner.

Legacy clients hold the key to revenue growth

As we’ve written in a previous AdviceBridge blog, the key to growing business revenue doesn’t necessarily lie in attracting new clients. Your greatest opportunity for growth could be right under your nose – in your smaller, legacy clients whose needs you may be struggling to fulfil.

It’s worth highlighting again the study carried out by Russell Investments in Australia, which was based on practice data gathered from thousands of advisers over two decades.

The research concluded that the most optimal path to growth doesn’t involve increasing your assets under management. Instead, the best opportunity to grow revenue and increase practice efficiency is to prospect your own existing client book.

Serving legacy clients opens up advice opportunities

For many firms, legacy clients simply fail to generate sufficient revenue to justify providing them with a full financial planning service.

However, it’s worth bearing in mind that these clients are people who you’ve already spent time finding and providing initial financial advice to. Looking after these existing clients could therefore prove more efficient and profitable than trying to generate new leads.

What’s more, re-engaging with your legacy clients could open up new advice opportunities. Many of your clients could have an immediate advice need that you’re simply unaware of.

By demonstrating that you care for your legacy clients, they’ll be far more likely to ask you for help than to approach another firm.

Technology is the answer

Looking after your legacy clients sounds great in theory, but how do you do it in a way that’s economically viable? The answer lies in technology.

From the client onboarding stage right up to drawing up a financial plan and offering an ongoing advice service, technology can dramatically reduce the cost of providing financial advice.

Incorporating technology can also make financial planning more efficient. Software removes a lot of the admin involved in giving advice. Whether you want automated cashflow planning or help producing financial plans, technology enables you to focus on serving more clients.

These efficiencies can make looking after legacy clients significantly more economical.

How we can help

At AdviceBridge, we’ve created an app that can help financial planners make their services more accessible, affordable and profitable.

The white label app shows clients what they need to consider when planning for retirement. It helps them to avoid the pitfalls, make the most of their savings, check their goals are on track and improve their financial resilience.

Powered by proprietary SmartAdvice technology, it provides fully automated digital retirement advice and guidance, enabling you to deliver personalised financial advice profitably to all your clients.

Get in touch

To find out how AdviceBridge can help you serve legacy clients economically, please get in touch. Email or call us on 020 3925 3850. You can also visit our website at to book a quick demo with our friendly team.