The four-lever framework: (1) at-least-annual review cadence, (2) proactive triggered advice on life events, (3) family-wrap (bring spouses and adult children in), (4) portal transparency with real-time valuations. Retention above 95% is achievable with all four.
The four levers 1. **Cadence:** minimum annual review, quarterly for HNW. 2. **Triggered advice:** birthday 55, birthday 60, house move, divorce, bereavement. 3. **Family wrap:** bring spouse, adult children, parents into the firm. 4. **Portal transparency:** real-time valuations, bank-grade security.
Data points - Industry average retention: 92 to 95%. - Firms with family-wrap: 96 to 98%. - Firms with no review cadence: 80 to 88%.
Consumer Duty angle Ongoing fees without demonstrable ongoing value is now a regulatory risk. Build a review service proposition that clearly justifies the 0.5 to 1% ongoing fee.