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.
Before a client makes the decision to do business with you he or she has to feel you are the ‘right fit’ for them. They’re about to embark on a journey into what’s often unknown territory for them – so they need to feel a real connection with their selected advisor.
Build rapport by letting prospective clients see the kind of person you really are. Let your personality shine through.
If you don’t know what’s going on in a client’s mind when they’re choosing a financial advisor, you won’t be able to present yourself in a way that meets their needs. And you won’t get selected.
So let’s take a look at some of the things likely to be on a client’s mind when they’re looking for an advisor…
It can be tricky determining how often to contact your clients. While regular communication is key to maintaining a healthy relationship, calling clients every week or month probably isn’t feasible.
At the outset, aim to understand each client’s preferences and their expectations communication-wise and make sure it fits your business plan. Some clients will be more interested in the investment process per se and will want to hear your thoughts and recommendations on a more regular basis. You may also find that as time goes on and your clients learn to trust you, they will be more relaxed and require fewer calls.
However, there are certain times when calling your clients is the right thing to do regardless of any prior agreement. Here are some key occasions when you should pick up the phone and speak to clients.
When prospecting see yourself as the professional consultant you are. Your job is of the utmost importance – you’re there to safeguard your clients’ financial future. It doesn’t get much more important than that and you are due respect.
So, if you find you’re fighting to win new clients, rushing through a presentation or apologizing for asking for the order, take a step back. Understand that you add value to your clients’ lives. Because of you people will be able to retire comfortably or get their kids through college. Your clients should feel privileged to do business with you, not the other way around.
Here are three things to avoid doing with clients.
What do you do when the market takes a turn for the worst? Do you wait for the storm to pass and simply do nothing – or do you reach out to clients and reassure them things will get better? According to recent research carried out by Financial Advisor Magazine failure to communicate with clients on a timely basis is the number one reason advisors lose clients. The upshot is you need to be prepared to talk to clients both in the good times and the bad times.
Feedback is essential if you are to successfully grow your career as a financial advisor. By regularly asking for feedback – from prospects, clients and influencers – you will be able to identify the areas you need to change for the better. Here are five reasons why you should seek feedback.
What your clients do this year and going forward will not be dictated by world events alone. It will be dictated by the strength of their relationship with you. That’s why you need to make relationship building one of your top priorities.
Here are five ways to keep your relationship on a firm footing.
As an advisor, you need to prepare your clients for events that have not yet happened. You need to know in advance how you are going to manage your relationship with them when the markets take a downturn.
To step up to this challenge you need to practice your soft skills so that you inspire your clients with confidence in what you say. If they believe in you and think you are the ‘real deal’ they will go where you lead them.