April 19, 2021 / by Don Connelly / Managing the Relationship / 0 comments
You never see it coming, and you may never know the reason why. A prospective client you have carefully cultivated agrees to a meeting to learn more about how you can help them. It seems to go well. Their heads were nodding up and down, and they laughed at your joke. At the end of the 30-minute meeting, you suggest the next step with an offer to follow up with them. Turning toward the door, they reply, “We’ll let you know.”
You know that’s the end of it. So, you replay it in your head, asking, “What were the red flags that soured their perception of me?”
Whether the outcome of a prospect meeting is good or bad, you should always replay it in your mind. With a positive outcome, you need to know what worked and why. For a negative outcome, it’s vital to understand what didn’t work and why. Identifying the negatives is often more difficult because it’s hard to be self-critical. But that’s where the path to self-improvement begins. To help in your diagnosis, we list the five of the most common red flags that could cause your prospects to dismiss you.
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Overcome the Fee Discussion by Focusing on the Things that Matter to Your Clients
September 27, 2021 / by Don Connelly / Marketing Yourself / 0 comments
Among the many trends affecting the way financial advisors must operate these days, fee compression has been the most impactful. The discussion of fees charged by advisors has moved to the forefront due to the low costs and transparency of digital advice platforms and the highly competitive arena in which they find themselves. As a result, clients are more willing to confront their advisors on the subject of fees and the value they receive in exchange for them, catching many advisors off guard.
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How to Clearly Demonstrate Value so Your Clients Don’t Question Your Fees
April 12, 2021 / by Don Connelly / Marketing Yourself / 0 comments
As a financial advisor, you know you bring value to your advisory relationships, which, in your mind, justifies the fees you charge. Your challenge is that, from your clients’ perspective, value is difficult to define. It doesn’t make it any easier when you consider that a client’s assessment of value is subjective, which can vary from client to client. A study by Vanguard attempted to quantify an advisor’s value in terms of how the right advice—primarily keeping clients from abandoning their strategy—can potentially increase a client’s returns by as much as 3% annually. The problem is that difference in performance isn’t apparent in your clients’ statements.
So, how do you demonstrate value in a way that makes your clients not feel the need to question why they’re paying the fees you charge—that they are getting their money’s worth? It may be as easy as simply giving your clients what they want.
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Six Ways Financial Advisors Can Establish Trust in Today’s Virtual World
November 16, 2020 / by Don Connelly / Managing the Relationship / 0 comments
You can have all the technical and market skill in the world. But if people don’t trust you, you’re not going to open new accounts.
It’s just a fact of life in sales: If people don’t trust you, their defensive mechanisms are going to be up during the entire sales process. If you’re lucky, they’ll tell you. At least that way, you get to face the trust issue head on. That might give you a fighting chance.
But more often than not, you’ll be met with polite silence, and the dreaded “we’ll give you a call if we decide to do anything.”
If you hear that, chances are you whiffed on the trust issue.
After all, if you had their trust, they’d be looking for ways to talk themselves into doing business with you!
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6 Tech Essentials for Financial Advisors
October 19, 2020 / by Don Connelly / Best Practices / 0 comments
Unquestionably, the advisory industry has been experiencing a significant transformation. Through advances in technology and the democratization of investing, financial advice is quickly becoming commoditized, much to the detriment of Financial Advisors who continue to languish in traditional business models. Today, adopting the right technology is becoming table stakes for advisors who want to maintain the trust of their clients and stand out in an increasingly competitive marketplace.
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How to Turn New Clients into Loyal Clients
December 16, 2019 / by Don Connelly / Managing the Relationship / 0 comments
You have just opened a new account and you are excited to start working with this new client. Of course, you are more than qualified to provide them with the services they need, but how are you going to ensure that your relationship with them will flourish over time?
Here are few good ways to create a loyal bond between you and your client.
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What Is Buyer’s Remorse and How to Overcome It in 3 Easy Steps
December 2, 2019 / by Don Connelly / Managing the Relationship / 0 comments
Buyer’s remorse is defined as ‘a feeling of regret experienced after making a purchase – typically one regarded as unnecessary or extravagant’ (Oxford Dictionary).
Most of us have experienced this type of feeling at some point – maybe after buying a pair of expensive shoes that with hindsight we considered an unworthwhile purchase.
But buyer’s remorse doesn’t just apply to shopping – it’s possible your clients might feel similarly disenchanted about their decision to hire you.
Make sure your clients don’t experience post-hiring disappointment by doing the following three things.
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Make Yourself Irreplaceable by Making Yourself Different
September 16, 2019 / by Don Connelly / Marketing Yourself / 0 comments
If you do what every other advisor is doing, you’ll be just like all other advisors. To become successful, you need to offer something different – something that makes you worthy of being talked about.
Don’t be intimidated by self-perceived ‘smarter’, ‘more experienced’ or ‘more confident’ advisors. Don’t try to ‘better’ them. Think instead about what you can do differently.
Make it your aim to do what other advisors don’t do, and you’ll attract and retain clients for the long term. Here are a few things you can do to make yourself different.
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7 Things You Can Do for Clients to Show That You Care
March 4, 2019 / by Don Connelly / Managing the Relationship / 0 comments
If you are to be a successful financial advisor, you need to do more than simply manage money. You need to be great at managing relationships – in particular, you need to show your clients that you truly care about them.
If you care more than people expect you to care not only will clients remain loyal to you, but they’ll feel comfortable about referring you to friends, family and colleagues.
Here are 7 ways to show you care.
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5 Traits You Need to Have If You’re to Build Strong Relationships with Clients
February 18, 2019 / 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.
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