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‘Build stronger relationships to keep clients’

The IFA Centre says firms should build stronger relationships with clients if they want to prevent individual advisers from taking clients with them when they leave.

Speaking at the Tax Incentivised Savings Association client retention seminar in London last week, IFA Centre managing director Gill Cardy said firms should look to engage more broadly with clients.

Cardy said: “Client relationships with firms are usually defined by the relationship with an individual adviser. Firms rarely give clients a chance to believe the advice is anything other than the person in front of them. They should be made to feel a client of the firm rather than of any one individual.”

Also speaking at the conference, Faegre Baker Daniels partner Robert Campbell said firms who suspect advisers of breaking their restrictive covenants should speak directly to clients before considering legal action.

Campbell said: “If a firm thinks an adviser has broken their contract, there is nothing to stop them picking up the phone to the client and asking directly whether they have been contacted and persuaded by their adviser to move firms. In the majority of cases people will give an honest answer.”

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