Addressing Communication Breakdowns: 5 Common Communication Challenges Financial Advisors Face Today
We spend a lot of time and space here harping on the importance of client communications because, more than anything else you do in this business, it can make or break you.
We’ve discussed that 72% of clients who fire their financial advisors do so due to poor communication. We’ve pointed out studies that show clients value solid communications the most in an advisory relationship, yet many feel they’re not receiving it.
We’ve also outlined the reasons why it’s critical to build a systematic communications structure designed to keep your clients engaged, cultivate loyalty, and instill confidence in your advice and then provided a framework for building it.
Above all, we’ve stressed the importance of continuously working on your communication and requisite soft skills for building trust and solidifying your relationship.
However, all that will do you little good if you don’t recognize the communication challenges you face on a daily basis, especially the communication breakdowns that lead to conflicts, such as miscommunications, misunderstandings, and a lack of clarity.
Here are five of the most common communication challenges financial advisors must recognize and overcome to build and maintain solid client relationships: