Is generating new business the Key?

Or is it servicing the clients you already have at a higer level than previously? I think there are pro's for both and given the state of the ecomony in the UK financial services market currently, there is nothing wrong with having more than one string to the bow.

Generating new business does not always mean the corresponding 'new revenue', well, not immediately anyway. For a financial adviser in the UK there is much importance placed on the generation of new business, particularly in interview. One of the key questions you will be asked at interview is not 'how much total you have written in gross commissions or API' but 'what was the percentage of new business'. Because an adviser with a large percentage of new business is a proactive adviser, someone who is not afraid to contact new people and sell the company, its services and finally 'a product'. In some cases, although you may generate the contacts, it can be difficult to convert them to 'business' without demonstrating a high level of client servicing first.

Which brings me nicely onto new business generation via the servicing of existing clients. How mant times a year do you phone exisiting clients? I would suggest it should be plenty. The better serviced a client feels and the more happy with the service received, the more likely they are to refer you to their friends or their colleagues. It doesn't take a genius to work out that referrals from someone who is already happy with the way you treat them are almost certainly more likely to do business. Word of mouth is a powerful marketing tool. In this day and age with email and social networking at the forefront of any brand recognition strategy, treating your exisiting clients in the most considerate way possible is a very good way to secure new business.

As I said at the beginning, there are pro's and cons for both and you should definitely pay equal attention to both areas of business, if you want to be succesful that is!