As the market softens and competition intensifies, brokers chasing price to retain high-net-worth clients are solving the wrong problem. At the top end of the market, loyalty is driven by something far less transactional.
With carriers pushing for growth and rate competition re-emerging, some pricing behaviour is beginning to resemble previous soft market cycles.
“Claims are absolutely critical, and when a major loss happens, the client’s experience through that whole process absolutely defines that relationship,” said Simon Aitken (pictured), director at Lycetts.
For high-net-worth clients, the true test of a broker relationship does not come at renewal. It comes at the point of loss. When a major claim occurs, whether involving property, collections or complex assets, the client’s experience becomes the defining factor in whether that relationship holds.
“It’s a real test for any programme,” Aitken said. “That’s where we feel we add real value. You’re advocating entirely for the client.”
That distinction, acting as an advocate rather than an intermediary, is becoming critical as claims grow more complex and expectations rise.
Exceptional service is no longer enough to secure loyalty; it is expected. According to Aitken, clients rarely walk away because of a single failure. The greater risk lies in something less visible, but ultimately more damaging.
“From experience, it’s rarely a one-off issue that the client will leave,” he said. “They expect constant exceptional service as a given.”
What separates brokers is not service alone, but the quality and foresight of their advice.
“Where brokers fall short is often in not anticipating what clients need next.”
As high-net-worth clients’ lives become more complex, spanning multiple properties, assets and evolving ownership structures, reactive support is no longer sufficient. The expectation is that brokers understand not only the client’s current position, but what is likely to come next.
Client relationships are also changing in how they are maintained day to day. Accessibility is no longer confined to traditional channels, and expectations around responsiveness have expanded accordingly.
“You can be contacted by any means possible,” Aitken said. “They’ll try WhatsApp, they’ll try Facebook Messenger, they’ll try LinkedIn. Contact can come through any manner of platforms.”
That shift reflects a broader change. Loyalty is no longer built solely on long-standing relationships, but on how consistently brokers can deliver advice and support in real time. Even within the same client base, expectations can vary significantly.
“At one end of the scale, I’ve got a few clients who still insist on everything being handwritten and refuse to have email at all. At the opposite end, you’ve got people wanting more of a digital experience.”
Consolidation across the broking market is also reshaping how client relationships are managed. While scale can bring efficiencies, it is beginning to erode the continuity that high-net-worth clients rely on.
“Clients have been passed from pillar to post,” Aitken said. “They’ve lost their point of contact. Then you lose your trust in the business.”
Panel-driven placement strategies and centralised operating models may deliver commercial advantages, but they can distance brokers from the detailed understanding required to advise complex clients effectively.
“Insurance is a highly specialist discipline built primarily on trust.”
In practice, retaining high-net-worth clients is less about reacting to market conditions and more about anticipating change. From evolving property portfolios to generational wealth transfers, identifying emerging risks before they materialise is what underpins long-term relationships.
“Clients want a broker who fully understands the ins and outs of their lives and can anticipate risks they should be aware of rather than reacting to things that happen,” Aitken said.
That expectation is also reshaping day-to-day servicing models, with greater emphasis on early engagement ahead of renewal.
“Pre-renewal contact, 45 to 60 days out, is key,” he said. “That proactive approach ensures that when renewal terms are presented, you’ve done that job already.”
For high-net-worth clients, loyalty is not built on pricing, but on the strength of advice and the quality of the relationship. It is reinforced through responsiveness and tested when a claim occurs.
As the market softens, competing on price risks missing the point entirely. Retention sits with brokers who understand the detail, not those who respond only when prompted. Loyalty is not secured at renewal; it is earned through the consistency of advice over time.
