Relationship financial advisor and client

Building personalized advisor-client relationships

relationship financial advisor and client

Taming the emotions of jittery investors is just one aspect of how financial advisors keep clients long-term. But there are many moving parts to. In today's economic climate, even experienced financial advisors are to do the work required to strengthen your existing client relationships. Terminating an advisor/client relationship isn't solely at the discretion of the client.

As you listen to your clients, consciously decide: What services you should develop and offer in-house What services you want to provide by bringing in outside experts What services are best provided by creating a network of outside experts to whom you will make referrals For example, suppose a number of your high-net-worth clients are concerned about having enough money for retirement.

Enhancing your in-house retirement-planning services to better serve these clients might very well be a good investment. It probably would enhance your client-loyalty levels and your client-acquisition efforts.

On the other hand, if you have clients who are concerned about planning and caring for aging parents, it might be preferable to host an event and invite one or two guest speakers.

relationship financial advisor and client

These outside experts could talk about options for care, the associated costs, and other related issues. After the event, they could make themselves available on an on-going basis to meet specific needs. In this scenario, you need only to recruit qualified, trustworthy professionals and host the event. Not to mention that these outside experts will probably be a future source of referrals for you.

Cultivate a network of experts you trust to meet the needs you have decided not to provide in-house. Then help your clients develop actionable plans to satisfy their needs in the way that is best for them. When you serve clients in this way, you build loyalty. Use the review to understand what you are doing particularly well in the eyes of each client, so you can leverage these successes across your entire client base.

How to Build Client Loyalty – Financial Services and Financial Advisor Marketing | Excella

You may be surprised by what your clients will share with you. One investor from our exploratory interviews told us the following about his advisor: Twice a year we have a face-to-face meeting to review not only my investment performance, but also where I stand relative to my goals.

This knowledge helps me organize the rest of my affairs. Ask your clients this question, and use the feedback to identify the activities and services they regard as exceeding their expectations. Then institutionalize these practices across your client base. Build client loyalty by identifying where you are exceeding client expectations.

Building personalized advisor-client relationships

Then implement those services and activities across your entire client base. In fact, most firms never get around to asking this question, because it makes them feel too uncomfortable. Your clients also may feel uncomfortable answering it in face-to-face discussions, so I suggest that you first build rapport by asking questions 1 — 3. Actually, this question need not cause anyone discomfort. If you genuinely desire to serve your clients, you will want to know how you can serve them better.

And if your clients sense that you are sincerely interested their welfare, they will feel comfortable giving you the information you seek. If your client is hesitant to provide specifics, I suggest probing for feedback in areas related to communications and service.

Below are a few sample approaches you can try: We are reviewing the effectiveness of our quarterly reporting. Can you tell me how valuable you find the reporting we provide?

relationship financial advisor and client

Is there enough information? Does it clearly explain how your portfolio performed? Why or why not? We pride ourselves in being responsive to client requests. Are there ways we could improve our timeliness and effectiveness of our responses? Are there any improvements we could make in how we service your account?

relationship financial advisor and client

Are there ways we could improve our communications? Cite a specific communication piece, such as investment commentary, marketing outlook, or newsletter. I believe in being there for my clients through all stages of life.

Paying so much attention to the big picture with my clients has had an unexpected and welcome benefit.

How to Build Client Loyalty

As I learn more about my clients and their lives, they also learn more about me and my life. They realize that I want to help them financially, and that I also care about them personally! My clients understand this, and because they do, they are happy and willing to refer me to their friends and family.

It is hugely rewarding to know that my approach to the financial advisory world has so far been a successful one. Choose to partner with clients who recognize the value of a trusted financial advisor. Show clients you are invested in their personal well-being as well as their financial future. Build long-term relationships based on trust and transparency.

Investment advisor representative and registered representative of, and securities and investment advisory services offered through, Voya Financial Advisors, Inc. Persechino Financial is not a subsidiary of nor controlled by Voya Financial Advisors.