Why retention is a key growth strategy for protection brokers in 2025 and 2026

As humans I think we are conditioned to chase the next new and shiny thing when in reality we have shiny things right in front of us, in our back books, our CRMs - yet we overlook them in pursuit of the shiny new penny. 

For years, the protection industry has operated on a simple formula: generate as many leads as possible, convert a fraction in many cases and then start the chase all over again. While this approach can work, it leaves countless opportunities on the table, opportunities brokers already own after acquiring the lead. 

In my 16 years in this industry, building and scaling two large brokerages, training and recruiting hundreds of advisers, and collectively selling tens of thousands of life policies across my companies, one truth has stood out: growth doesn’t always come from more. Often, it comes from better.

And right now, better lead generation strategies as the market is so competitive but it also means better retention.

The economics of retention

Lead generation has never been more competitive or more expensive. Advertising costs are rising, customers are more selective and the time brokers spend chasing new business can quickly erode profits and waste valuable time.

Meanwhile, sitting in most brokers’ back books are clients who already know and trust them. Clients with evolving needs, growing families, changing jobs, and shifting priorities.

Yet many brokers leave these clients virtually untouched after the initial sale. It is a missed opportunity both for the broker and the client. Maybe they contact them when a policy is out of clawback for obvious reasons, but in my opinion contact needs to be far more frequent. 

Some online sources say retaining and upselling an existing customer can cost up to 5-7 times less than acquiring a brand-new one. I have seen it first-hand in my own firms, where structured review processes and consistent client contact produced significant growth without spending more on leads and your business will become more and more profitable as the years go on and you do more reviews on a growing client bank. 

Clients want you to stay in touch

The assumption that “no news is good news” is flawed. Life happens fast, and clients’ circumstances change. Many customers do not even realise they are underinsured until someone prompts the conversation.

During my career, I have seen clients who bought cover as single renters later become married parents with a mortgage, still holding the same inadequate policy they bought years earlier.

Reviewing clients regularly is not just about increasing revenue. It is about fulfilling your duty of care and making sure your clients have the protection they genuinely need at every stage of life.

How to make retention work

Retention does not happen by accident. It requires a deliberate and structured process. Here are a few principles I have learned while helping advisers across the UK build high-performing, sustainable books of business.

Build a review process

You need a clear, repeatable process for reviewing your clients annually. This is not just a courtesy call, it should be a proper review. I recommend having a script to guide the conversation and keep the focus on understanding their current situation, checking whether their cover still meets their needs, and updating them on any changes in the market. The aim of this call is not to upsell, although many conversations will naturally lead to additional business. The priority should always be reviewing and supporting the client first.

Stay front of mind

One call a year is not enough. You need a process for multiple touchpoints throughout the year so that you remain memorable, not forgettable. Regular emails, occasional check-ins, newsletters, and even sending helpful resources can keep you at the top of their mind when they need advice. Yes, it creates more work, but in the long run it builds stronger relationships, better retention, and more referrals. Not to mention extra profit.
 
Segment your back book

Not all clients are equal. Identify who in your existing book is most likely to need additional cover — for example, families with young children, homeowners nearing retirement, or clients whose incomes have increased since their last policy. Still review everyone, but segmenting clients can help for simplicity of contacting the leads and sharing them out evenly if you have a team. 

Track and improve

Measure your review rates, retention figures, and conversion rates. What you track, you can improve. There shouldn’t really be any guess work in business - everything needs tracking in my opinion. 

Rethinking growth

It is easy to think that growth comes from more leads, more ads, more hustle. But often, it comes from 'deeper'. Deeper conversations, deeper care, and deeper engagement with the clients you already have.

When you treat every client as a long-term relationship instead of a one-off transaction, your revenue stabilises, referrals increase, and your reputation grows.

Final thoughts

Retention is not just a strategy for tough times, it is a foundation for any broker who wants to build a resilient, profitable business. It is cheaper, easier, and quicker to sell to an existing customer than to win over a new one.

If you would like to learn my full process and scripts for reviewing clients that has worked for many years across multiple businesses, including how to structure the calls and create a multi-touchpoint retention strategy, we cover all of this and more inside my community The Wealthy Adviser Club. There’s even a free 7 day trial you can have as a reader of this article.