Not much of anything is working right now including some financial advisors that have never experienced a downturn like this one. But these seemingly hard times are not a reason to shrink away from the hard conversations…but to seek them out.
The opportunity for financial services professionals to cement the trust lost during the financial crisis, the Pandemic, and now a turbulent economic downtown is a chance for you to become a trusted source of financial intelligence and expert counsel to help clients navigate not only their financial decisions but their most crucial life choices as well.
Capitalizing on this opportunity to build long-term trust requires taking measured steps to deepen relationships now to help guide your clients toward a brighter future. These 6 steps can help you build better relationships with your clients and their families:
- Bring innovative ideas to the table: No one wants to hear, “Let’s just ride it out.” We all know that most wealthy investors have more than one financial advisory relationship. Be the advisor that does the extra work to be different from the next guy. Suggest moving out of the mainstream traditional investments that are suffering right now and talk about something different. Senior Life Settlements give you the opportunity to start a conversation that your competitors aren’t having with your clients. The non-correlated, absolute returns life settlements can provide as a portfolio diversification tool will set you apart from the rest.
- Offer more than financial advice: Wealth management isn’t only about managing money. It’s about helping clients navigate their lives. There’s lots of money in motion. The “Great Resignation” has caused many to rethink their career aspirations. The complexity life has taken on puts you in a unique position to help guide your clients through some tough decisions with your unique point of view. In some cases, just being a good sounding board is all it takes. Being able to talk about more than finance will demonstrate that you’re more than just their “Money Guy.” No one cares how much you know until they know how much you care.
- Build multi-generational relationships: As you know, the wealth transfer between the Baby Boomers and future generations is well underway. Your clients will appreciate that you care enough to involve family members in the conversation. By focusing your attention on all of the members in the client’s inner circle, advisors can play a more critical role in creating actionable steps toward helping younger family members chart a course toward their own wealth management and the attainment of their goals and dreams.
- Communicate, communicate, communicate: The fastest way to suffer client attrition in your practice is to disappear during hard times. It is critically important to be accessible to clients and prospects and to demonstrate you are willing to invest your time. Not all clients want to communicate in the same way. Be mindful to offer a multi-channel approach and take advantage of digital connectivity. Regular emails and the occasional text with helpful tips or just a positive thought will go a long way. Use social media engagement to meet clients on their own terms and better understand their concerns and lifestyles. Use all of your resources to create a more targeted and meaningful presence in their lives.
- Become a destination for the full wealth journey: Don’t be a one-trick pony. Offer solutions to meet clients at whatever stage in life they are in. Teach younger generations that may be launching their first careers critical skills like budgeting and planning to help them along their journey. Provide wealth protection and asset transfer strategy planning for older clients that may be transitioning into retirement. Team up with other advisors in your firm that have a particular specialty and broaden your clients’ relationship with your entire organization. Clients will appreciate the gesture of offering the expertise of specialists in your center of influence.
- Be your clients’ biggest fan: Advisors should take every chance to show their clients that you got their back. Invest your time to ask your clients the extra questions and get to know them as intimately as you would your own family members. Understand their fears and aspirations about life, family, and careers, and be their best advocate through their entire life journey.
If you’ve only been in the financial advice business for a relatively short time, all you really know are the good times. That’s changing. Follow these steps to keep your clients close to you. It’s a far better investment to keep the clients you have than what it will cost in time and resources to cultivate new relationships.
And most important of all, remember this. Trust takes years to build and seconds to lose. So, pay attention to the little things as they sometimes will mean the most to your clients. Treat every client relationship with the time, attention to detail, and the personal care and concern it deserves…every time, all the time.
