As a financial advisor, you are committed to building your book of business, gaining new clients and building relationships on top of working hard to provide the best financial advice. When you’re established, you have built credibility and gained your client’s trust which is no small feat.
But – there’s always a chance that the relationship can go south.
Despite having established relationships, it is still important to continue nurturing them. Based on research and conversations with clients about their experiences, here is a list of 5 things you can do today to maintain your brand and make sure your client relationships are for the long run.
1. Always be proactive
A proactive advisor is essential from a client’s perspective.
“58% of Canadians and 53% of Americans would like their financial advisor to be more proactive in reaching out to them with recommended changes to their portfolio, especially in the event of a downturn.”
Thinking about your clients’ future financial needs before they do will help you understand what you can recommend, but it demonstrates initiative to the client and that you are thinking about their needs and future needs. It lets the client know that you’re continuously thinking about them even after establishing them as a client. Even if your client is not interested, checking in easily starts a productive conversation in helping you to understand how their goals may have shifted and it keeps the line of communication open.
2. Proactive Communication
Proactive communication is about keeping a pulse on the client and keeping you top of mind. As mentioned in the first point, being proactive is very critical, so it’s worth emphasizing proactive communication. Why? Because 30% of people will switch their financial advisor for lack of communication. This is the number 2 reason for a client switching financial advisors behind high fees
When you’re actively reaching out to your clients, it reinforces to them that they are still looked after and increases trust and confidence that you continue to have their best interests at heart. Lastly, it helps to strengthen the relationship giving you deeper insight into your client as the conversation doesn’t always have to be investments- related.
3. Connect with Your Client’s Family
If you’ve already established a strong relationship with your client, connecting with their family is a simple action you can take with many benefits. It’s a great way to strengthen your current relationship but also set yourself up for future clients such as their children or extended family. It will help you become a trusted advisor to the whole family and for the generations to come.
Over the next 25 years, there will be the largest historical generational wealth transfer, worth $48 Trillion, from Baby Boomers to Gen X & Millenials. This strategy is critical because 80% or more of heirs will look for a new financial advisor after inheriting their parents’ wealth.
4. Continuous Learning
Every field has ever-changing strategies, tools and designations, so you must stay up to date with the standards and to showcase that. Some of the ways you can improve your knowledge, skills and tools are through attending conferences, participating in online webinars or taking additional courses. Your commitment to continuous learning helps you keep abreast of what is happening in the industry and reaffirms to your clients that their investments are in good hands. Clients value the work advisors put in to have their best interests at heart, and continuous learning is a way of showing that.