Prospects often struggle to find the right financial advisor– in their eyes all advisors tend to look the same, sound the same and sell the same products.
Make it easy for prospects to choose you by communicating your value to them in your first meeting. And if they decide to work with you, make sure you continue to communicate your value to them as clients. If you bring the value you promised, there’s a high chance they’ll remain loyal and refer you to others.
Here are some ways to bring value to prospects and clients.
Get across your unique value proposition
Before you can communicate your value to prospects you need to evaluate what it is that makes you different. Ask yourself, why should someone want to do business with you? In order to add value to your clients’ lives you need to offer them something different or unique.
After you take a deep dive into what you do and why you do it, condense that message into a few credible reasons why people should choose you over the competition. List your core beliefs – do you do things differently because you care more than other advisors? Create a ‘Who I Am’ story for prospects that incorporates strong messages regarding your ethics.
Show enthusiasm. Talk about a time you helped a client achieve their goals and how it made you feel. Make it clear that you are interested in their overall well-being – if they take you on, you will be far more than just a money manager.
Regularly ask for feedback and act on it
Ask your client base how they feel about your service. Ask open-ended questions and listen carefully. Is there anything you could do better?
By asking their opinion you are getting across that you want to offer a client service that goes way beyond that of the average advisor. Unlike other advisors you truly want to understand their needs and provide the solutions to them – your aim is to make them 100% happy with your service.
Never fail to provide 5-star service
Clients require continual validation that they made the right choice in choosing you. To them, value isn’t to do with portfolio performance – it’s more about whether they feel you are engaged and committed to helping them achieve their goals.
Make regular communication a priority. Reinforce your value through regular engagement – the more frequently clients interact with you, the more likely it is that their perception of your value will increase. Call your clients out of the blue just for a catch up. Birthdays and holidays are good times to call. Make it clear you’re just calling to find out how they are and if anything’s changed – you’re not there to sell them anything.
During your time as their financial advisor use every opportunity to carry out little acts of kindness for your clients. Your ultimate aim is to become a trusted family friend. Be like elite advisors – provide advice and support that goes way beyond the financial. Be on hand to assist them during big life events. Could you help them research care facilities for an aging parent or help out with real estate issues?
Have regular reviews with clients to show them how far they’ve come with their investments. Without being arrogant Illustrate that by keeping your clients on track with their investments you have added considerable value to their lives.
Add value by providing education
Consider adding value by holding workshops and events – or bring out a monthly newsletter that explains a financial topic. Ditch the jargon and focus on using everyday language. Make your clients feel smart – people love to feel they’ve learned something new.
Client loyalty is the lynchpin of your business. Clients will only remain loyal and refer you to others if they see you as a valuable addition to their lives. Becoming needed is not easy, it will take time and perseverance. But it will be well worth the effort when you can get your clients to see the positive impact you’ve made in their lives.
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