Why Financial Advisors Get Fired
Financial advisors get fired because they aren’t ‘the full package’. They may provide ‘good’ service, but is it exceptional? They may have a winning personality, but do they pay attention to their clients? They may return calls but never instigate them – and while they may understand their products, do they believe in them?
In order to make sure you don’t get fired you need to cover all these bases and more. If you ask your mechanic for a full service on your car you expect him or her to leave nothing undone. In the same way clients need their financial advisor to possess all the right characteristics. If you don’t they will look elsewhere.
Clients won’t stay with you unless you understand their reasons to invest
If you don’t want to get fired make sure you’re on the same page as your clients when it comes to their reasons to invest. It’s true that their goals are generally going to be the same: to get the kids through college, to retire in comfort, to beat the bank and build up cash reserves for the future.
But if you don’t remember what each and every one of your clients’ specific goals are you cannot hope to make them appear real or achievable. It’s only when you understand their reasons to invest that you can start getting clients enthused about the future and give them a good reason to stay with you for the long haul.
Perfect the art of communication if you want to keep clients
Relationships die because people lose faith in one another, and one of the main reasons this happens is lack of communication. To maintain a healthy relationship with your clients you need to keep in touch. They need your input – they need to feel you’re totally in tune with their feelings and wishes. They want you to review their investments regularly, not just when they ask you to. You should be calling them – not the other way round, even when there’s not that much to talk about. Call them, just to ask how they are, and if there is anything they need.
Just as you need reassurance from others when it comes to the important things in your life – so do your clients. They need you around to reassure them when times are tough and even when times are good. So do the right thing. Show them you care. Become their friend, and remember – people don’t tend to fire their friends.
Is your service outstanding?
Clients will leave you if they don’t believe your customer service is up to scratch. If they believe that someone else will provide them with more personal attention and service they will move on without hesitation. Always be upbeat and enthusiastic when speaking to clients about their goals and explain how you can help them achieve them.
Rise above mediocrity and make your clients feel like VIPs.
Think outside the box when it comes to delivering outstanding customer service. It’s the little things that count, the personal touch. Remember birthdays, ask after the family. Your clients expect a high level of service as standard but make yourself different by delivering an exceptional level of service. Let your clients do the talking. Listen to them, then address their concerns. The more people have the opportunity to talk, the more they will like you and the more they will value your relationship.
Take ownership of your clients’ problems, be accountable. And if you’ve got something wrong admit it. Think like a client and don’t pass the buck. Do what you say you are going to do and don’t over-promise. Respect your clients and give them a good reason to do business with you.
Because you’re worth it!
Never forget you are the linchpin to getting your clients onto the right financial path. This makes you a very important person. Never forget this when you are talking to your clients.
You need to be strong and competent during rough financial times. You need to be there to guide your clients when they hesitate. They need to see you as a person who is capable of taking charge of their affairs and securing them the future they desire. Be that person. Step up to the mark and believe in yourself, believe that you are worthy of their trust and they will too.