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Financial Planning Challenges for Financial Advisors

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In today’s saturated market, financial advisors must offer holistic financial planning for several reasons: It’s a sure way to differentiate themselves from those who only offer investment management. It can build deeper, more trusting relationships with clients, and it leads to better financial outcomes for clients. It can also attract a broader client base and retain those who might otherwise seek these services elsewhere.

Financial planning should unquestionably be a cornerstone service offered by financial advisors. However, performing the service is not without its challenges, particularly as it relates to communication and relationship skills. Awareness of and overcoming these challenges through focus, practice, and sound execution is critical to providing effective guidance and building enduring relationships with your clients.

Addressing Communication Breakdowns: 5 Common Communication Challenges Financial Advisors Face Today

/ 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:

5 Ways You’re Setting Yourself Up to Fail

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I don’t think any financial advisor wakes up in the morning and intentionally sets out to fail. But I can think of many examples of advisors who unwittingly find ways to sabotage their efforts to build a successful practice. It’s often the little things they are either unaware of or don’t recognize as problems. But they’re big enough to turn prospects and clients away from you.

While you may not think you are setting yourself up to fail, you have to consider whether you’re doing the things necessary to prepare yourself for success. That includes taking a critical look at yourself and the way you conduct business and making immediate course corrections.

While there are dozens of ways advisors may be sabotaging their business, here are five we see most often.

First Meeting with a New Client—Preparation Checklist

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The first meeting with a new client should be a momentous event for both you and the client. For your client, it’s the first opportunity to validate their decision to select you as their advisor. For you, it’s the first opportunity to showcase your professionalism and reinforce your new client’s decision. You both hope this will be the beginning of a long and trusting relationship.

As you prepare for your first client meeting, it’s critical to remember that you are being carefully evaluated. Your new client is essentially taking a leap of faith in choosing you, and you must always strive to make them feel like they have made the right choice. With that in mind, your first meeting sets the tone for the entire relationship. Plan it with care.

3 Key Steps Remote Advisors Must Take to Make Emotional Connections with Clients

/ by Don Connelly / Managing the Relationship / 0 comments

Now that the pandemic is waning, many advisors are choosing to continue working remotely, finding that it increases their efficiency and that their clients enjoy the convenience of virtual communication. Many advisors and clients alike also enjoy the flexibility of a remote relationship. It appears that, on the surface, this new advisory model can be a win-win for advisors and their clients.

While that is sure to change the advisor-client dynamic, one thing that won’t change is the need for advisors to make an emotional, personal connection with their new clients as a prerequisite for an enduring relationship. But just how do advisors accomplish that virtually?

While the same things that can be said in person can be said virtually, there’s still a physical distance that needs to be made up. Virtual eye contact is not the same as physical eye contact. There’s a virtual buffer that diminishes the personal presence people feel. Without being able to see the full range of a person’s body language, how do you know if you are making an emotional connection?

Financial Advisors: What You Should Be Doing During the Holidays

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First things first: Use the Holidays to spend time with friends and family. That’s what you want for your clients; That’s what I want for you. Recharge your batteries, and remember why you’re working so hard: To provide a better life for the people you love.

Besides: The immediate return on investment (ROI) of generic cold calling techniques tends to decline after Thanksgiving. Not that it doesn’t pay off eventually. I’m a hard-core prospector, and I hope you are, too. Smart prospecting always pays off in the long run. But it’ll take a little longer to pay off at the end of the year, because you’ll get a lot of people saying, “call me again after the Holidays.”

So, if you’re going to take some time off to be with the family, the Holidays are as good a time to do it as any!

Then, here are a few more holiday marketing ideas if you’re spending time at the office after all.

5 Advantages Young Financial Advisors Have Over Older Advisors

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When it comes to asking people to handle their money, having a few grey hairs does bring a small advantage. People are just naturally reluctant to trust people with managing their money who are younger than their own children.

But there are some huge advantages to being a younger advisor, as well. In fact, I can tell you after decades in this business, there has never been a better time in the history of the financial services business to be coming into this business as a young advisor, or even a career changer under 40.

Deal with Objections Before They Become Mindsets

/ by Don Connelly / Prospecting / 0 comments

Most salespeople in any industry quickly become proficient at handling objections after the client or prospect brings them up. And that’s a good skill to have. But if you’re constantly dealing with the same objections at the end of your initial presentation, you’re already at a disadvantage – and very likely you’ve lost the chance to win the client.

If you’ve gone for the close and asked for the order, and the prospective client is still raising objections, the battle is on. It’s a signal that the prospect’s mental shields are up. In fact, you may not even be seriously in the fight anymore. This is the case when the objection the person is giving you is not the real objection.

5 Traits You Need to Have If You’re to Build Strong Relationships with Clients

/ by Don Connelly / Managing the Relationship / 0 comments

Your personal likeability and trustworthiness are more important than your professional knowledge when it comes to winning and building enduring client relationships. Professional credentials, while important, are only a backstop to the forging of strong personal connections. Focus on developing your soft skills.

Here are five traits you need if you want to create long-lasting relationships with clients and become more referable.

Every Financial Advisor Needs to Tell Great Stories

/ by Don Connelly / Storytelling, analogies and power phrases / 0 comments

Human beings have an innate desire to tell and listen to stories. Good stories grab the attention and inspire people to act, which is why storytelling should be an essential tool in your armory. If you become a great storyteller, prospects and clients will leave your office remembering both you and your message.

Stories are also a great way to help make the unfamiliar familiar – they promote the understanding of complex issues. Plus, they’re effective at creating an emotional bond between storyteller and listener.

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