Financial Advisors and Social Distancing: How to Keep Prospecting and Servicing Clients

Financial Advisors and Social Distancing - How to Keep Prospecting and Servicing Clients

Traditionally, being a financial advisor has been a face-to-face business. We are creatures of the working lunch, the handshake, the coffee meeting. Appointments are the lifeblood of our business, because we’re in the business of personal relationships. That’s our real advantage over the low-cost robo-advisors, and a big part of how we justify our fees.

But social distancing is changing all that in a flash. I’m optimistic about the economy and the stock market long-term. But this bug isn’t going away anytime soon. We are undergoing a rapid cultural shift where social distance may very well become the norm for a good, long while.

And all of us old-school financial advisors, as well as brokers, planners, insurance agents, all of us, are going to have to adjust.

I’ve talked with a lot of people, and I’ve seen a lot of economic cycles. Here’s what I suggest you do to keep growing your business even with social distancing.

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How People Pick a Financial Advisor

How People Pick a Financial Advisor

When people choose a financial advisor, they’re looking for someone who’s not only qualified but someone they can trust. Without these attributes you won’t get hired. But in this crowded industry – one that’s projected to grow 15% more by 2026 – it will help if you understand other factors people may consider important in a prospective advisor.

Here are a few things to remember as important to people who pick a financial advisor.

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7 Things You Can Do for Clients to Show That You Care

7 Things You Can Do for Clients to Show That You Care

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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What Clients Need from You to Stick to The Plan

To get clients to stick with their long-term investments you need to get inside their mindset and understand how they think and feel. If you know how your clients will react in the face of market volatility, you’ll be ideally placed to counter their concerns. If you understand what they need from you in terms of maintaining a long-term relationship, you will know which soft skills to focus on.

Here are a few things clients need to help them persevere with their long-term investments.

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How Do Clients Choose a Financial Advisor?

How Do Clients Choose a Financial Advisor?

If you don’t know what’s going on in a client’s mind when they’re choosing a financial advisor, you won’t be able to present yourself in a way that meets their needs. And you won’t get selected.

So let’s take a look at some of the things likely to be on a client’s mind when they’re looking for an advisor…

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6 Reasons Why You Should Develop a Succession Plan This Week

6 Reasons Why You Should Develop a Succession Plan This Week

Your ultimate success depends on your ability to create and maintain long-term relationships – relationships that are built on trust. If you want clients to trust you, they need to know you will be there for the rest of their lives. So, let them know you will put their interests above yours: Let them know that you have a succession plan.

Here are 6 reasons why you should have a succession plan in place.

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