/ by Don Connelly / Managing the Relationship / 0 comments
Brad from Southern California is a Merrill Lynch advisor. He sent me an email, which is in a way, funny, but poses a very serious question nonetheless.
“Don, I have a strange concern. I’m concerned that in my attempt to make things simple I go too far. There are times when I feel I’m patronizing people by talking what I call ‘baby talk’. I literally get embarrassed sometimes. I know what you’re going to say, keep it simple. But when’s enough enough?”
Listen to Don’s answer or read the transcript below.
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In this category you will find blog posts about clients relationship management – including but not limited to establishing trust, building a relationship, ending an advisor-client relationship, and more.
Never Forget that Clients and Prospects Are Real People with Real Concerns
/ by Don Connelly / Managing the Relationship / 0 comments
Clients and prospects are real people so the best way to reach out to them and win them over is to appeal to their humanity – not wow them with financial jargon.
People won’t warm to you simply because you know your way around the stock market. Your prospects and clients make their decisions based on whether they like you and trust you – not on your ability to make the numbers add up. People overwhelmingly tend to make decisions based on emotions rather than on hard rational thinking. So put away your graphs, numbers, pie charts and statistics and convince people to trust you rather than the numbers.
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Am I Oversimplifying Things?
/ by Don Connelly / Managing the Relationship / 0 comments
Brad from Southern California is a Merrill Lynch advisor. He sent me an email, which is in a way, funny, but poses a very serious question nonetheless.
“Don, I have a strange concern. I’m concerned that in my attempt to make things simple I go too far. There are times when I feel I’m patronizing people by talking what I call ‘baby talk’. I literally get embarrassed sometimes. I know what you’re going to say, keep it simple. But when’s enough enough?”
Listen to Don’s answer or read the transcript below.
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How Do I Get People to Call Me Back?
/ by Don Connelly / Managing the Relationship / 0 comments
I heard this great question from Jesse in Grand Rapids. Jesse said he was having difficulty getting people to return his calls, after supposedly thinking about his proposal. He meets with prospects and makes his presentation. They say “Let me think it over, I’ll give you a call” and they never do. After some time has passed, he calls them and leaves messages but they never return his calls. Why is that?
Listen to Don’s answer to this question or read the transcript.
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What If Clients’ Sentimental Equity Holding Doesn’t Match Their Risk Tolerance?
/ by Don Connelly / Investing Wisdom, Managing the Relationship / 0 comments
Today I’d like to share with you an email I received a while ago from Mike at Edward Jones. ¨What is the best way for an FA to approach a client about an equity holding that has sentimental value to the client but does not fit their risk tolerance? I have a 75-year old widow with over 50% of her net worth in Disney stock. I also have a widow who inherited her husband’s IRA at another firm. She had no idea what was in it, it was with an advisor she doesn’t know. Turns out it is 60% in aggressive investments, but she still wants to keep it there. Help.¨Listen to Don’s answer or read the transcript.
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What Happens When You Lack Accountability?
/ by Don Connelly / Managing the Relationship / 0 comments
It’s essential to acknowledge that you alone are responsible for your success as a financial advisor and this means you must be accountable. If you’re not accountable you will never feel in control of your destiny or understand how to turn things around if they take a downturn. No matter how smart or talented you are, if you lack accountability you will not develop the self-discipline you need to change your outcomes for the better.
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Why It’s Important You Have All of Your Client’s Assets
/ by Don Connelly / Managing the Relationship / 1 comment
I received an email from Harry in Chicago. He manages a few million dollars for a particular client. That client has an equal amount of money invested with another Advisor and firm across the street, and he won’t combine the two. The client uses the account across the street to pay taxes and expenses. When asked why he does this, the client has a traditional comment – ‘I don’t want all my eggs in one basket’. Harry’s question to me is “Should I leave well enough alone?”
Listen to Don’s answer or read the transcript below.
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Personalizing Your Services Will Help You Succeed as a Financial Advisor
/ by Don Connelly / Managing the Relationship / 0 comments
All financial advisors generate income in the same way, by offering similar platforms at essentially the same price. The job description: to help people simplify their finances and get peace of mind that they can reach their goals. Naturally achieving this task is of the utmost importance but if you want to stand apart from the crowd and win more businesses you need to do more; you need to personalize your services.
By treating each client personally and making them feel important you will not just meet their expectations but exceed them. If your clients feel they’re just a number to you they won’t rate your services and they will be unlikely to refer you to others.
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5 Email Marketing Trends for Financial Advisors
/ by Diana Marinova / Connelly Corner, Managing the Relationship / 0 comments
Contrary to what many business owners believe, email marketing is not dead and it is still one of the best communication channels to keep in touch with prospects, especially in the Financial Advisory industry.
Nothing can beat connecting in person but let’s be real. It’s impossible to meet and talk on the phone with hundreds of people who have your business card and might open an account with you one day. Here’s when email comes in handy.
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How to Become a Better Listener
/ by Don Connelly / Managing the Relationship / 0 comments
As Calvin Coolidge once said “No one ever listened themselves out of a job” so why do so many advisors find it difficult to stop talking and listen to their clients?
In order to become a great advisor, you need to be a good listener. It’s the only way you’ll get to understand your clients’ and prospects‘ goals. It’s the only way you’ll be able to overcome their objections. Plus, the more people are given the opportunity to talk the more they will feel that you’re interested in them. And they will like you for it. Listening will help you start a client relationship and keep your existing relationships on a firm footing.
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