Legal and General  

Client retention biggest challenge for quarter of brokers

Client retention biggest challenge for quarter of brokers

Almost a quarter of insurance brokers count client retention as their number one challenge, a survey by Legal and General has suggested. 

In addition to the 23 per cent who said it was their biggest business challenge, 90 per cent of respondents listed client retention as a "key focus" for their business.

When asked what changes would help with client retention, 47 per cent of brokers said they would like an easier and faster application process.

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A further 35 per cent said they would like providers to give them more marketing materials.

Forty-five per cent of brokers, meanwhile, said generating new business and staying compliant were the biggest business challenges they faced.

Just 11 per cent said finding and training new staff was a problem.

Steve Bryan, director or intermediary at Legal & General, said given how essential client retention was to an advice business, it was "interesting" that a quarter of advisers listed the issue as their number one 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," he said.

james.fernyhough@ft.com