August 14, 2023 / by Don Connelly / Managing the Relationship / 0 comments
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:
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Addressing Communication Breakdowns: 5 Common Communication Challenges Financial Advisors Face Today
August 14, 2023 / by Don Connelly / Managing the Relationship / 0 comments
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:
Read more
Prospect Engagement Strategy for Creating Reasons to Call
November 7, 2022 / by Don Connelly / Managing the Relationship / 0 comments
I often hear from financial advisors who, for various reasons, are reluctant to contact prospects who remain in their pipeline. Many are hesitant to pick up the phone because they don’t feel they have anything new to offer, which, in their minds, would amount to an untimely interruption or even an annoyance. Best to avoid calling them, right?
That’s a quandary because if you want to increase prospect engagement with the hopes of moving them out of the pipeline, you actually have to engage them. It is also problematic because, as successful advisors know, prospects’ needs change over time, and the only way to win their business is to be in the right place at the right time, with the right message. That can’t happen if you avoid the calls.
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Conquering Your Clients’ Financial Fears
February 21, 2022 / by Don Connelly / Managing the Relationship / 0 comments
One of the most powerful emotions we all experience is fear. When it comes to our finances, fear can drive us to make decisions we later regret. More often, fear leads to decision paralysis when we retreat to the comfort of indecision or simply bury our heads in the sand.
To many people, their financial future is a threat to their well-being – the fear of not being able to retire, the possibility of losing one’s job, or being forced into early retirement. These are all financial threats that breed the worst kind of fear. Many people cope with them by doing everything they can to avoid them. That can be a lot easier than facing their fears, especially if they lack confidence in solving the problem.
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Why Client Communications Must Be Your Highest Priority
January 24, 2022 / by Don Connelly / Managing the Relationship / 0 comments
Going into the new year, financial advisors need to take stock of their business and determine the one critical aspect they need to focus on that could make or break their year or even their career. Acquiring new clients is always a top priority, but there is even a higher priority for advisors hoping to break through to the next level. That’s because if you can’t retain the clients you have, you’ll find yourself in a deep hole, trying to claw your way out.
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How to Create a Systematic Communications Strategy
January 17, 2022 / by Don Connelly / Managing the Relationship / 0 comments
By now you should know the importance of staying engaged with your clients. Clients who feel less engaged are less likely to trust their advisor relationship and more likely to bolt when things go south, if not before. At a minimum, they will feel less inclined to recommend you to others. Suddenly, it’s as if you’re spinning desperately on a hamster wheel with little hope of getting off.
Most advisors would agree that having a systematic communications strategy is essential for adding and retaining clients. The challenge for many is how to go about it. The exact tools and methods an advisor would use could vary greatly depending on their communication preferences, prospecting methods, and available time and resources. Here are a few steps to get you started.
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