/ by Don Connelly / Best Practices / 0 comments
In the year and a half since the beginning of the pandemic, the financial advisory industry has undergone massive change, impacting the way financial advisors practice their trade as well as the behaviors and habits of clients. Much of that change was underway before COVID but has accelerated or come more sharply into focus because of it.
Advisors have done well to adapt to changes precipitated by the pandemic—becoming adept at virtual communications and navigating the uncertainties of a troubled economy. However, in the wake of these changes, several issues continue to overshadow the industry, requiring advisors to switch from survival mode to aggressively managing them not just to survive but to thrive.
In the next couple of weeks, we will delve more deeply into some of these issues, the challenges they present, and how advisors can meet them head on for a greater chance at success. Among the many vital issues advisors are facing right now, here are four they must contend with in the immediate future.
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How to Build Immediate Personal Connections Naturally
/ by Don Connelly / Managing the Relationship / 0 comments
Gaining the trust of a prospective client is an absolute must if the relationship is to amount to anything. Plain and simple, people don’t do business with financial advisors if they don’t trust them. Building that kind of trust can take time, but successful advisors know how to accelerate the process—by first establishing a connection, which can be done when first meeting with a prospect.
If you think back on all your relationships—personal and professional—you’re likely to find that your best and closest relationships started with an instant personal connection. Something just clicked between the two of you that allowed you to lower your guard and open up to one another.
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Authenticity: The Key to a Favorable First Impression
/ by Don Connelly / Managing the Relationship, Presentation Skills / 0 comments
No doubt you’ve heard the old axiom, “You never get a second chance to make a first impression.” And it’s tough to fix a bad first impression, especially in a world where some clients are predisposed to not trusting financial advisors. That’s a high hurdle to overcome when first meeting potential clients who may be looking for any reason to walk away.
You’ve probably also heard that the human brain processes information about a person’s face and mannerisms within a matter of seconds, leading to a quick conclusion about their abilities. The hurdle just got higher.
It doesn’t matter how old you are or how long you’ve been in the business. Potential clients instinctively weigh and measure you, not by your expertise, capabilities, or knowledge, but by how much they think they like you. They’re looking for someone they can trust, and most people can’t trust someone they don’t like.
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5 Reasons Advisors Need a Well-Conceived, Systematic Communications Strategy
/ by Don Connelly / Managing the Relationship / 0 comments
Financial advisors are reaching a pivotal moment that will shape their future. An increasingly competitive landscape, fee compression, the commoditization of advice, and increasing client expectations make client satisfaction, retention, and referrals more essential than ever. As advisors struggle to differentiate themselves in a sea of sameness, I always reach back to the time-tested solution: good communication.
If you have been following my blog for a while, you’re familiar with my core belief that communication is vital to developing solid and enduring relationships. You simply can’t form trusted relationships without good communication.
Most clients don’t feel engaged with their Advisor
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4 Critical Issues Facing Financial Advisors Right Now
/ by Don Connelly / Best Practices / 0 comments
In the year and a half since the beginning of the pandemic, the financial advisory industry has undergone massive change, impacting the way financial advisors practice their trade as well as the behaviors and habits of clients. Much of that change was underway before COVID but has accelerated or come more sharply into focus because of it.
Advisors have done well to adapt to changes precipitated by the pandemic—becoming adept at virtual communications and navigating the uncertainties of a troubled economy. However, in the wake of these changes, several issues continue to overshadow the industry, requiring advisors to switch from survival mode to aggressively managing them not just to survive but to thrive.
In the next couple of weeks, we will delve more deeply into some of these issues, the challenges they present, and how advisors can meet them head on for a greater chance at success. Among the many vital issues advisors are facing right now, here are four they must contend with in the immediate future.
Read more
First Meeting Conversations You Need to Have with Prospective Clients
/ by Don Connelly / Prospecting / 0 comments
Let’s be honest. Many financial advisors view the first client meeting frettingly as an obstacle to overcome on their way to, hopefully, establishing a new client relationship. After all, the way you start a first client meeting sets the tone for how your relationship will develop—if it develops at all. Prospective clients don’t make it any easier, often approaching their first advisor meeting with an air of skepticism or apprehension. This creates an unnatural tension that crowds out trust-building. That tension must be broken at the outset, and the ball is in the advisor’s court.
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The Importance of Your Storytelling Skills in Building Trust
/ by Don Connelly / Storytelling, analogies and power phrases / 0 comments
Now and then, financial advisors must be reminded that they are in a relationship business and that what they have as a clientele is a direct by-product of trust.
The cold hard reality is that people need to trust you before they will engage with you. Especially these days, people are almost instinctively cynical, overly careful to approach others they don’t know with a heavy dose of skepticism. So, when we want to connect with any group of people, our first task must be to break through their defensive shells so we can build trust. Without trust, there can be no connection, no relationship, and no channel through which vision and ideas can flow.
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