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James is a seasoned mortgage broker and has built a thriving business over the years.
His top clients were high-net-worth individuals and successful property investors who relied on his expertise to secure the best financing deals.
But one day, James received a rude awakening. His best clients had moved on.
They weren’t returning his calls and he soon discovered they were working with another broker.
What went wrong? James had always assumed his best clients would stick around.
Unfortunately, like many brokers, he made three critical mistakes that led to the loss of his top-tier clientele.
Here are the 3 reasons brokers lose their best clients
If you’ve ever experienced something like what James has gone through, keep reading.
Many brokers think their best clients will stick around. In doing so, they commit one or all of these three cardinal sins.
1. They take their clients for granted
One of the biggest mistakes brokers make is assuming that once a client is secured, they will remain loyal forever.
In reality, clients, especially the high-value ones who pay big money, expect ongoing attention, personalised service, and value-added insights.
When brokers fail to check in regularly, provide updates relevant to their deals and their business, or proactively offer better solutions, clients start feeling neglected.
Over time, this lack of engagement makes clients feel like just another number.
And when another broker comes along, offering a fresh perspective and proactive service, they won’t hesitate to make the switch.
Sorry, not sorry. It’s the truth about business.
2. They get a dose of “shiny object syndrome”
It’s easy for brokers to chase after new business.
It’s part and parcel of growing a successful brokerage, so it’s totally understandable.
To many, landing new clients is the key to growth. However…
While expanding the client base is essential, it should never come at the cost of existing, high-value relationships.
Too often, brokers become distracted by trying to win over new prospects and forget to nurture the relationships that built their business in the first place.
This “shiny object syndrome” can lead to complacency, making long-term clients feel undervalued.
And once they feel like they’re no longer a priority, they’ll start looking for someone who treats them as one.
3. They get too busy with low-quality, time-consuming deals
I’ve said it before. And I’ll say it again.
Not all deals are created equal.
Some transactions are high-value and efficient.
Others are low-margin and consume an excessive amount of time and resources.
Unfortunately, many brokers fall into the trap of getting bogged down by time-consuming, low-quality deals (often deals by bad clients), leaving little bandwidth to focus on their best clients.
Top-tier clients want to work with brokers who are responsive, strategic, and available when needed.
If a broker is always tied up dealing with small, time-consuming (and in reality, low-profitable) deals, their most valuable clients may feel ignored and start exploring other options.
Moral of the story – always focus on your ‘big fish’
When you lose a top client, you don’t just lose a deal.
You lose a long-term revenue stream and valuable referrals.
The key takeaway?
Always invest in your best clients.
Make them feel valued by staying in regular contact.
Offer solutions before they ask.
Prioritise them over low-value deals.
Never let complacency set in.
In the end, retaining your biggest clients is the most valuable asset to you growing your brokerage.
Gee Taggar is the managing director of Archer Wealth.