"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."
When further asked what could make their business lives more productive, in order to help boost client retention, nearly half of brokers (47%) would like an easier and faster application process. A further 35% of brokers say they would like providers to give them more marketing materials to further assist with retention.
Legal & General’s research shows that 45% of brokers feel that generating new business and staying compliant are the most common business challenges they face. In contrast, only 11% of brokers say that finding and training new staff is a problem.
Steve Bryan, Director, Intermediary, Legal & General, said: “Client retention is essential for the stability and security of every broker’s business. With this in mind, it is interesting to see that nearly a quarter of brokers surveyed revealed that client retention is their biggest business 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."
