{"id":356654,"date":"2018-10-02T14:00:32","date_gmt":"2018-10-02T18:00:32","guid":{"rendered":"https:\/\/www.investmentexecutive.com\/?p=356654"},"modified":"2019-10-30T12:05:25","modified_gmt":"2019-10-30T16:05:25","slug":"echelon-wealth-appoints-chief-client-officer","status":"publish","type":"post","link":"https:\/\/www.investmentexecutive.com\/news\/people\/echelon-wealth-appoints-chief-client-officer\/","title":{"rendered":"Echelon Wealth appoints chief client officer"},"content":{"rendered":"

Toronto-based Echelon Wealth Partners has promoted its chief marketing officer, Deborah McGrath, to the role of chief client officer (CCO).<\/p>\n

McGrath will be charged with gauging client satisfaction and optimizing client retention, something that is particularly relevant in situations of wealth transfer, when there is a significant risk of client flight.<\/p>\n

During wealth transfer (something the industry will soon be dealing with on a large scale as demographics shift), 80% of recipients leave their parent\u2019s or partner\u2019s advisor, McGrath says.<\/p>\n

\u201cWhy do they leave? They leave because they never knew who the advisor was in the first place,\u201d she says. \u201cEither that was mom and dad\u2019s advisor, or that was my partner\u2019s advisor. I don\u2019t know anything about them. They never actually spoke to me.\u201d<\/p>\n

While it\u2019s a risk for any organization, McGrath says, there\u2019s an easy remedy advisors can turn to: simply meet with clients\u2019 children.<\/p>\n

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