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  • Writer's picturePark Place Financial

Client Retention in the Financial Planning Industry

Updated: Nov 28, 2023

by Pam Thompson

In the competitive landscape of the financial planning industry, client retention is paramount to long-term success. While providing quality financial advice and services is crucial, it's the client experience that truly sets financial planning firms apart. At Park Place Financial, we pride ourselves with white glove client experience. We believe this is paramount for client retention, and statistics agree. Let’s uncover the power of creating exceptional client experiences that drive loyalty and propel the growth of financial planning firms.

​1. Building Trust and Loyalty: Client experience plays a pivotal role in building trust and fostering long-term loyalty. According to a study by PwC, 73% of clients consider experience as a key factor in their purchasing decisions. By delivering personalized and attentive service, we foster strong client relationships based on trust and confidence. This foundation of trust is vital for client retention and positive referrals.

2. Differentiating in a Competitive Market: In an industry saturated with financial planning options, providing an exceptional client experience becomes a key differentiating factor. According to a survey by Deloitte, 60% of clients are willing to pay more for a better experience. We believe in providing this at no extra cost and simply part of our best practise standards. By prioritizing client needs, going above and beyond expectations, and demonstrating genuine care, our team creates a unique value proposition that sets them apart.

3. Word-of-Mouth Referrals: Client experience has a direct impact on word-of-mouth referrals, which are highly influential in attracting new clients. According to Nielsen, 92% of consumers trust recommendations from friends and family over any other form of advertising. Our word of mouth referral accounts for more than 75% of our new business. By delivering exceptional client experiences, we inspire clients to become advocates who willingly refer their friends, family, and colleagues.

4. Enhancing Lifetime Client Value: A positive client experience contributes to maximizing lifetime client value, as satisfied clients are more likely to stay engaged and seek additional services. According to Bain & Company, increasing client retention rates by just 5% can lead to a 25% to 95% increase in profits. By delivering exceptional experiences at every touchpoint, we continue to cultivate long-term relationships, and take great pride in our 97% client retention rate. According to Harvard Business Review, it costs between 5 to 25 times more to acquire a new client than to retain an existing one and while our business is growing steadily, our focus is always on the client.

5. Employee Satisfaction: Having a happy and engaged staff ensures the client is always receiving the best care our team can deliver. We pride ourselves in being a leading employer in the industry, providing an excellent employee benefit package, (thanks to our partner at Peak Benefit Solutions); generous compensation models; a robust corporate culture strategy; and a dedicated community engagement program supported by Troop.

At Park Place Financial, client experience is a fundamental to client retention, offering white glove service and going above and beyond at every opportunity. By prioritizing exceptional client experiences, we believe we are building trust, differentiate ourselves, inspiring word-of-mouth referrals, and enhancing lifetime client value through our dedicated team that pride themselves in excellence.


Pam Thompson, ACS, AIAA

Chief Compliance Officer

Park Place Financial

  • Regulatory compliance

  • Compliance education and processes

  • Executive client liaison​

CONTACT ME (705) 748-5182 ext. 201

Founded in 2012, by Mike D’Alessandro and Darrell Wade, Park Place Financial grew quickly to become one of Central and Eastern Ontario’s top wealth and estate planning firms. Its mission, to be known for excellence in helping grow and preserve the wealth accumulated by family business owners and entrepreneurs across multiple generations. In 2018, Terry Windrem Insurance Agencies joined Park Place Financial, firmly positioning the business as an industry leader in wealth and risk management.

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