Netwealth IQ Report - Advisable Australian Research
Creating loyalty that lasts
Discover the key drivers of long-term client loyalty using principles of behavioural science.
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Overview
Even your most satisfied clients can choose to leave. Why?
Backed by behavioural science, our latest Advisable Australian research, "Loyalty That Lasts", has drawn insights from over 500 Australians, and uncovers exactly what clients value most in their adviser, how those perceptions shift over time, and what drives lasting loyalty. This research shows that even as clients perceive greater value from their adviser over time, they may still leave. So, to retain your best clients, your service needs to evolve alongside them. But how?
In this report, we explore:
- How client expectations evolve over time – Understand why Newcomers, Settled, and Loyal clients value different aspects of advice and what they expect at each stage.
- Why clients leave—even when they see value – Uncover the psychological biases and perception shifts that lead to client churn, and how to mitigate the risk of losing them.
- The 12 key drivers of client loyalty – Discover the behavioural science-backed factors that keep clients engaged, from proactive communication to operational transparency.
- Retention strategies that work – Get practical steps, case studies, and retention tactics to align your services with what truly matters to your clients.
Your best clients could be slipping away. Stay one step ahead. Understand what truly matters to your clients at every stage, and keep them loyal for years to come.
Segments
The three stages of client value
Your approach to client engagement shouldn’t be one-size-fits-all. Our research identifies three distinct client segments as the relationship evolves, each with different priorities and expectations. Understanding these shifts is important to long-term loyalty.
Have an adviser for less than 3 years
New clients want to be excited about the roadmap laid out for them, and be empowered so they can have some level of control in the plan.
3 - 5 years with an adviser
Settled clients want to still know that you are adding value by reflecting their changing preferences and empowering them with new tactics and knowledge to act on them.
6+ years with an adviser
Loyal clients want their value and contributions to be acknowledged. They expect you to stay close to them, offering preferential service and reassurance of the status quo.
12 key drivers
What are the key drivers of value?
Our Advisable Australian research uncovers 12 critical drivers that influence client satisfaction, trust, and retention. These insights—grounded in behavioural science—can help you adapt your approach and create lasting relationships.
Here’s a sneak peek at the top drivers shaping client loyalty:
Goal-based advice
With a goal based plan, you can address the need for ‘short-term bias’ by making future rewards feel tangible and immediate.
Watch to learn moreAligned investment options
Use the ‘identity alignment’ principle to get clients more engaged, by aligning investments with the things they identify with.
Watch to learn moreGuidance for the unexpected
Provide specialised support during life-changing events to reduce client anxiety and address a person’s sense of ‘loss aversion'.
Watch to learn moreInnovative advice
Use innovative financial strategies to capture clients' attention and spark excitement through the ‘novelty effect,' particularly for newer clients.
Watch to learn moreOperational transparency
Share behind-the-scenes processes and rationale to demonstrate ‘transparency’ and enhance perceived service value and build trust.
Watch to learn moreCommunicate often, proactively
Address ‘uncertainty’ with frequent and proactive communication about financial outcomes, and boost a sense of control and engagement.
Watch to learn moreContinual reassurance beyond markets
Regularly affirm your expertise and results to reinforce client confidence, catering to their ‘confirmation bias’ that you are delivering great value.
Watch to learn moreKnowledge for empowerment
Provide education to enhance 'self-determination' through improved autonomy and decision-making capability.
Watch to learn morePrompt and timely support
Provide rapid responses with a sense of priority to encourages and increase ‘reciprocity'.
Watch to learn moreFrictionless digital experience
Offer a digital experience backed by human touch to reduce friction and enable ‘cognitive ease'.
Watch to learn moreRewarding clients
Offer loyalty rewards or incentives showing ‘reciprocity’, enhancing their sense of fairness for staying loyalty.
Watch to learn moreContributing to the world
Align with clients' societal, ethical and environmental values, using 'social proof' to increase loyalty.
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